Assemblywoman Eliana Pintor Marin, Chair of the Assembly Budget Committee, was on hand as the Governor signed the Fiscal Year 2022 New Jersey State Budget, which passed both houses of the Legislature on June 24.
“New Jersey’s financial picture is much different today than it was at this time last year thanks to the leadership of Governor Murphy, the strategic and impactful actions of the Legislature, and the perseverance of New Jersey residents,” said Pintor Marin. “I am proud of this budget because it provides substantial tax relief to New Jersey residents. It establishes a $500 middle class tax rebate for over 760,000 New Jersey families, expands the earned income tax credit and makes seniors and young adults eligible for the first time, expands the retirement income exclusion, and makes many more seniors eligible. It also expands the child and dependent tax credit and increases the homestead rebate.”
As signed, the budget also makes higher education more affordable through the Garden State Guarantee program and through the creation of several important tax cuts for New Jersey families. For the first time, New Jersey families will receive a tax deduction for investing in 529 accounts, paying NJ Class student loans, and paying tuition for in-state colleges. Some NJ residents will be eligible to receive a dollar-for-dollar match on their 529 contributions.
The budget further invests an additional $724 million in pre-K through 12 education, which includes an additional $100 million for special education over what was originally proposed.
Critically, the Fiscal Year 2022 Budget makes New Jersey better prepared to handle future challenges by supporting New Jersey businesses and leaving the State budget with an almost $6 billion surplus at the end of the following fiscal year.
“I am proud of this budget because it fulfills our obligations in a responsible way,” said Pintor Marin. “Not only does it make the full pension payment for the first time in 25 years, but we are also making an additional $505 million payment. I commend all of the members of the budget committee for their hard work, dedication and insightful questions and analysis throughout this process. I want all of the members of the committee and all of the members of the public who testified or sent testimony to know that we took all of your input and ideas seriously. This budget reflects the collaborative efforts of innumerable individuals and groups. Thanks to those efforts, this budget invests in our economy, invests in our residents, and will make us more resilient in preparing for future challenges.”