Hours after being approved by both chambers of the New Jersey Legislature, and just minutes before the constitutionally mandated deadline, Governor Mikie Sherrill late Tuesday night signed the $60.7 billion state budget for Fiscal Year 2027 into law.

The bill, which passed 26-14 in the Senate and 58-20 in the Assembly, was mostly along party lines, with just one Republican vote in each chamber, Senator Bob Singer and Assemblyman Sean Kean – both of whom represent Lakewood – casting the lone Republican votes.

In addition to millions of dollars for nonpublic schools, Shul security and transportation, the budget also contains many other items of importance, including new taxes and fees, as well as other programs which may be beneficial to families in the state.

Here is a brief roundup of some of the highlights:

Property Tax Relief:

One of the biggest disagreements between the new governor and her fellow Democrats in the Legislature was regarding the Stay NJ program, the property tax relief program for seniors.

Under the final agreement, eligibility was lowered from those making $500,000 in annual income to $200,000 and will now be awarded on a sliding scale.

Tax credits under the program for those making no more than $100,000 in 2026 will max out at $4,875.

However, those amounts will go up for 2027, when seniors earning less than $100,000 would once again be eligible for benefits of up to $6,500, while those making up to $150,000 will qualify for up to $5,000. And those making up to $200,000 will qualify for up to $4,000.

Under prior law, Stay NJ offered up to $6,500 in tax credits for seniors who made up to $500,000.

The ANCHOR property tax program, which benefits homeowners and renters of all ages who meet income guidelines, was also cut, with the additional $250 added recent years now cut.

Child Tax Credit:

One expanded benefit in the budget is the state child tax credit, which will now increase the value of the refundable tax credit for families earning up to $80,000 annually with children younger than age 6.

Under current law, eligible families receive a credit ranging from $200 to $1,000 per qualifying child, depending on household income. Those amounts were now raised by 25% for a three-year period before the credit reverts to current levels beginning in tax year 2029.

Child Care:

Also included in the budget is an $18 million increase for the state’s Child Care Assistance Program (CCAP), allowing 77,500 children to be enrolled statewide, roughly 2,500 more than were served in fiscal year 2026.

Municipal Aid:

The spending plan also provides $1 million in discretionary municipal aid for Lakewood Township. While the funding, which was secured by Assemblyman Avi Schnall (D-Lakewood), represents a restoration from the governor’s proposal, it marks a sharp reduction from the previous two state budgets, which included $8 million and $7 million, respectively, for the fast-growing Ocean County municipality.

Taxes:

One major cost to businesses and organizations in the state is a new fee on companies that have at least 50 employees covered by Medicaid.

Under the bill, employers will have to pay annual fees of either $325, $525, or $725 for each worker on Medicaid and for each of their family members covered by the publicly funded health insurance program. A last-minute amendment excluded part-time and per diem employees from being included.