On Monday, June 27, 2022, Governor Phil Murphy and fellow Democrats who control the State Legislature finalized an agreement to spend $50.6 billion dollars in Fiscal Year 2023. The spending plan was passed by both Senate and Assembly budget committees. The plan (S-2023) for the fiscal year that begins Friday, July 1st, features the largest surplus in State history and several affordability measures, including a new $2 billion property tax relief initiative, a State-level child tax credit program, driver’s license waivers, free State parks, and a 10-day sales tax holiday on back-to-school supplies that will go into effect later this summer.
Please review the budget scoresheet and budget language, which summarize the Legislature’s appropriations’ bill.