After more than a week of state budget negotiations, Gov. Phil Murphy and Democratic legislative leaders on Monday announced a deal to increase a popular property tax relief program and expand earned income, child and dependent care tax breaks in New Jersey.
The agreement also follows through on their promise to send income tax rebates of up to $500 to many low- and middle-income taxpayers who have dependents in exchange for a tax increase on high-income earners.
“This is direct tax relief to middle income families and senior citizens who need it most,” state Senate President Stephen Sweeney, D-Gloucester, said in a statement. “The income tax rebate will put money into the pockets of working families so they can support themselves and their children. The increased Homestead rebates will help ease the heavy property tax burden on middle-income homeowners.”