$50.6B budget with property tax help, surplus goes to Murphy

TRENTON, N.J. (AP) — New Jersey lawmakers have passed a record $50.6 billion budget, sending the plan with billions in more spending compared with last year to Democratic Gov. Phil Murphy’s desk. The budget is 9% bigger than last year’s and comes courtesy of flush state coffers and rosier-than-expected tax returns. It also comes as Democrats who control the Legislature and governorship aim at making the state more affordable. The state treasury’s tax receipts might be bountiful now but economic unease is on legislators’ minds as they socked away $6 billion in surplus. The budget committee chairman called it a record amount that shows the state’s preparation to “protect taxpayers from potential downturns.”

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