With tax revenues declining and a fiscal crisis on the horizon, Gov. Phil Murphy on Friday night signed the largest spending plan in New Jersey history, a $54.3 billion state budget that faced sharp criticism this week for a lack of transparency and accountability.
The final budget (S2024) includes billions in property tax relief — namely through a second year of full funding for the $2 billion ANCHOR program — as well as an expanded child tax credit, a third consecutive full payment to the public worker pension fund and another historic surplus to provide the state a cushion for tough times.