Sweeney proposes aggressive senior tax relief policy

Former Senate President Steve Sweeney proposed an aggressive senior tax relief policy he would implement if elected governor. 

Sweeney said he would eliminate income tax for New Jerseyans 65 and older with a household income of $250,000 or less, according to a release. The Democrat, who is seeking to replace term-limited Gov. Phil Murphy, said he would also limit Stay NJ benefits to residents who make $250,000 or less.

Sweeney called the proposal “Stay NJ Plus.”

“As our population ages, it is imperative that we provide financial relief to our senior citizens who have contributed so much to our state,” Sweeney said in a release. “By eliminating income tax for those over 65 with a household income of $250,000 or less, we are acknowledging the importance of allowing our seniors to live with dignity and financial security.”

The state currently has $1.2 billion dedicated to the Stay NJ program, a property tax relief program for seniors that could cut property tax rates for seniors by as much as 50%. But the money will only be released if the state fulfills certain obligations, including a 12% surplus in its annual budget.

The former Senate president said the new Stay NJ cap would allow the state to share relief with residents who need it most.

“Our seniors deserve the peace of mind that comes with financial stability,” Sweeney said. “By capping the Stay NJ program at $250,000, we can ensure a fair distribution of resources while continuing to support the goal of keeping our cherished residents in their homes.”

The Sweeney campaign estimates the adjustments would increase benefits for New Jerseyans making under $250,000 by about $2,000 to $10,000.