With state revenues at higher than anticipated levels, Assembly Speaker Craig Coughlin is promising tax relief as a condition of passing the next state budget.
“We have additional money this year, and New Jersey needs tax relief now,” Coughlin said. “In this year’s budget, I will insist on the largest tax relief program in state history.”
Coughlin is citing a report from the Office of Legislative Services that estimates the state’s revenues will come in at $6.9 billion more than what Gov. Phil Murphy expected when he proposed his state budget earlier this year.
“The revenue update shared with the Legislature today demonstrates a surplus of billions of dollars beyond what was anticipated in the Governor’s proposed budget,” stated Coughlin. “This welcome news is made possible because we have made the difficult choices over the last five years to place New Jersey back on the road to fiscal health, and we will continue to make responsible decisions in this year’s budget.”
This could mean an accelerated implementation of the ANCHOR Property Tax Relief Program, which would provide a tax rebate that could average $700 for homeowners making up to $250,000 per year, or $250 for renters with incomes up to $100,000 to provide rent relief.
Murphy’s proposal had a three-year ramp up for ANCHOR.
“I look forward to working with legislative leadership and the Governor over the coming weeks to craft this proposal and deliver on that promise for the people of New Jersey,” said Coughlin. “With reasons to be cautious on the horizon, we will also make sure to leverage our surplus so we are ready to weather any storm coming our way.”
Coughlin tied a middle class tax rebate to the passage of a millionaires tax Murphy had sought in 2020.