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Tax Relief 2023: New Jersey Governor Announces Relief Plans In State’s Budget Proposal

Tax Relief 2023 [Photo: Shutterstock]
Tax Relief 2023 [Photo: Shutterstock]

New Jersey Governor Phil Murphy announces tax relief 2023 plans in his budget proposal for the state. However, the proposal has met opposition from the Republican Party.

New Jersey Governor Phil Murphy on Tax Relief 2023 [Photo: WHYY]

New Jersey Governor Phil Murphy on Tax Relief 2023 [Photo: WHYY]

Governor Phil Murphy of the state of New Jersey started the budget by announcing his priorities for the fiscal year 2024 which begins on July 1. Reports say Murphy’s priorities include continuing the tax relief plans implemented in 2022 and increasing the state’s budget surplus to $10 billion to prepare for a possible recession.

According to Donyéa, for the Tax Relief 2023, Murphy wants to increase the state’s Child Tax Credit (CTC) benefits to a maximum of $1,000 per eligible child. In addition, he also wants to invest in the launching of the universal Pre-K and provide an additional $830 million to the K-12 funding. Lastly, Murphy also wants to expand the Senior Freeze property tax relief program and restore the ANCHOR property tax relief program.

READ ALSO: Property Tax Relief 2023: 3 Bills Proposed To Exempt Homeowners’ Taxes In Idaho

Opposition to the Tax Relief 2023

According to Solomon, however, several Republicans and Progressives expressed their opposition toward Murphy’s announcement. This is because the Republicans wanted a limit on government spending, a decrease in the taxes being collected, and an indexing of the tax brackets. Senate Minority Leader Steven Oroho, who is a Republican, even stated that Murphy’s budget proposal for 2024 is 5% more than the budget this year. He believes that this increase in just six years is not feasible because billions of the money will likely be a pork barrel spending only.

In addition, the New Jersey Policy Perspective and the New Jersey Citizen Action groups also complained about Murphy’s plan to eliminate the additional corporate business tax of 2.5% for the wealthiest companies in New Jersey by the end of the year. This is because the groups believe that eliminating the additional corporate business taxes would be at the expense of at least $664 million in the state’s yearly revenue.

READ ALSO: Kansas Senate Proposes Flat Tax Cut For High Earners, Undoes Food Tax Relief

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