Following final legislative passage of the Fiscal Year 2022 State Budget on Thursday, with a vote of 49-26-0 in the Assembly and 21-15 in the Senate, the sponsors of the bill (A-5870), Assembly Budget Committee Chair Eliana Pintor Marin (D-Essex) and Vice Chair John Burzichelli (D-Gloucester, Cumberland, Salem) issued the following joint statement:
“This budget invests in our economy, invests in our residents and will make us more resilient in preparing for future challenges.
“The impact of tax relief in this budget, particularly under the increase in the Home Rebate Program and expansion of the Earned Income Tax Credit, will ensure New Jersey is more affordable and a state where people can thrive and build a life.
“The budget also provides funding for COVID-related needs to protect the safety, health and well-being of New Jersey’s nine million residents. We are also paying down debt and creating a $3.7 billion debt defeasance fund to save taxpayers’ money to pay down existing debt and avoid debt in the future.
“The budget does not include any tax increases, but it does ensure that approximately 760,000 New Jerseyans will receive a $500 tax rebate.
“We are proud of this spending plan and all it does for the people who call New Jersey home.”