June 29, 2023
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A new annual budget is constitutionally due in New Jersey by July 1st. In the case that a budget bill is not passed before then, the state government is required to shut down until a spending plan in enacted. The New Jersey Senate and Assembly Budget and Appropriations Committees have been meeting to vote on various pieces of legislation to be included the FY2024 budget, and while the deadline is quickly approaching, no budget battle is expected this year, and budget legislation is expected to pass before the July 1st deadline, as reported on njspotlightnews.com. The official budget proposal was expected to be released yesterday. However, as the budget committees had to consider additional spending-associated legislation, the release of the budget and votes in both houses have been delayed. During budget hearings on June 27th, budget committees in both houses approved an expansion of New Jersey's child tax credit, doubling the maximum amount of the credit from $500 to $1,000. Additionally, the Senate Budget and Appropriations Committee unanimously approved a measure increasing Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief benefits by $250 for both senior homeowners and renters, in addition to the StayNJ senior property tax relief program. At the time of this writing, an official FY2024 budget proposal has not been brought to either of New Jersey's legislative house's floor. Click here to read more on this story. |
