As part of his bid to improve New Jersey’s affordability, Gov. Phil Murphy today proposed over $3.5 billion and a new corporate transit fee to raise roughly $800 million for New Jersey Transit as part of a $55.9 billion fiscal year 2025 state budget that raises spending by $5.6 billion, a number that reflects the rate of inflation.
“We open our doors to anyone who is willing to step up and contribute to our shared future, and together, we are going to continue building that stronger and fairer New Jersey where every family — especially those who worry they have been forgotten — has a fair shot at a brighter future,” Murphy said. “We have crafted this year’s budget — letter by letter, line by line — to support the working families who have led New Jersey through hard times.
Murphy’s plan to fund fixes to the state’s public transportation system includes a 2.5% levy on businesses whose profits exceed $10 million annually.
As part of his tax relief proposal, Murphy will fund Assembly Speaker Craig Coughlin’s StayNJ initiative with a $200 million investment, $2 billion for year three of the ANCHOR program, and a $10 million pilot program to encourage the development of affordable housing. He’ll also cover the Senior Freeze program, fund a new state retirement savings plan – RetireReadyNJ and a $30 million program to reduce homelessness among veterans, and spend more on child tax credits.
“At a time when families are grappling with higher prices at the checkout counter, we are putting more money back into their pockets than ever before,” Murphy stated. “Since it was introduced, the ANCHOR Program has effectively lowered property taxes down to levels that, in many cases, our families have not seen in a decade.”
More than $7 billion will be spent to fund the state’s public employee pension plan.
“With our budget, we will make life more affordable for more families. We will continue meeting our sacred obligations — from fully funding our public schools to fixing NJ TRANSIT once and for all. We will create a new generation of
economic opportunities in the industries of the future,” Murphy said. “We will maintain fiscal responsibility, while staying true to our values — so New Jersey is prepared for the challenges of tomorrow. We will invest in the potential of every New Jerseyan — from our students to our senior citizens. We will put more nurses in our hospitals, and more educators in our classrooms. And we will hand our kids a state that is better than we found it. We will hand them a New Jersey that is the best place anywhere to raise a family.”