It was a busy week in Trenton last week, with the Legislature approving, and Governor Murphy signing, the $54.3 billion budget for Fiscal Year 2024, just hours before the Constitutionally mandated deadline.
But in addition to the budget, the Legislature also voted on hundreds of other bills, some which may be of great benefit to many Lakewood families.
Here is a brief rundown of some of the bills which were signed by Governor Murphy, or expected to be signed in the next few weeks.
Senior Property Tax Rebate:
Under an agreement reached between Assembly Speaker Craig Coughlin and Governor Murphy, referred to as “StayNJ,” homeowners in New Jersey who are 65 years-old and making up to $150,000 annually will receive a rebate worth $1,750 in the next round of Anchor payments (up from the current $1,500), while Senior homeowners making more than $150,000 up to $250,000 annually would receive $1,250 (up from the current $1,000).
For Senior renters making up to $150,000 annually, the planned increase takes the size of their Anchor benefits from $450 to $700.
And beginning in the first quarter of 2026, Seniors owning a home in New Jersey and earning less than $500,000 annually, will receive a property tax credit for 50% of the property tax due, up to $6,500.
Expanded Child Tax Credit:
Citing the expenses of raising a family in a high-cost state like New Jersey, lawmakers doubled the amount for the statewide child tax credit program, which allocates funds of up to $1,000 per child under the age of 6 for families making $30,000 or less per year.
The $1,000 amount will be reduced by $20 for every $1,000 of income that the taxpayer’s taxable income exceeds $30,000 until the annual income amount reaches $80,000, at which point a family will no longer be eligible.
The tax credit is fully refundable, which means that you can receive the money even if you don’t owe any New Jersey state taxes in 2023. See more here.
Aid-in-Lieu:
Transportation funding for children in New Jersey who are mandated to receive busing but do not, will be increased by $143 per student, from the current $1,022 to $1,165. See more here.
Random Fees Break:
This may not be so significant, but many state fees will be waived for one year, as they were last year, under a provision included in the budget. State parks, drivers license renewals, marriage licenses and many nurses, home health aides, and other health care workers would have their fees waived as well.
Translation: your taxes will go up massively to fund this boondoggle.
But we’ll throw in some tiny benefits to make you think it’s a good idea.
There are no additional taxes in this bill so your claim is incorrect. An additional $500 tax credit per child is huge for Lakewood families.
Why are we begging the seniors to stay in NJ? The claim is we want the seniors to be able to afford to live near their children.. that excuse works for a senior living on Social security etc. but making up to 500K?! Seniors have minimal expenses compared to a young growing family!
Seems like the seniors do not want to live near their kids, and we need to incentivize and beg them to stay!
Someone ought to tell the legislatures there are many renters in NJ paying thousands more than homeowners for the same size home! Look around – many people are paying under 2k mortgage but all you can get for that today is a basement rental!
According to halacha, tax evasion is theft, not taxes.
How about people who pay rent?