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Murphy Signs $50.6 Billion Budget With Cash Gifts for Taxpayers

June 30, 2022, 4:34 PM

New Jersey Governor Phil Murphy signed a $50.6 billion annual spending plan with property-tax relief and a full pension payment for the second year.

The budget, which is for the fiscal year starting July 1, is 35% higher than Murphy’s first in 2018. The usually cash-strapped state benefited from at least $10.7 billion in pandemic-driven tax revenue. That allowed Murphy, 64, a Democrat and retired Goldman Sachs Group Inc. senior director, to allocate $2 billion for taxpayer relief, with some households getting as much as $1,500.

“Even as this budget invests in our year ahead and in the immediate affordability ...