NEWARK – Building on the administration’s progress to create a stronger, fairer, and more resilient economy that works for every New Jersey family, Governor Phil Murphy today signed the Fiscal Year 2022 (FY 2022) Appropriations Act into law. The FY 2022 budget reflects the Governor’s commitment to fiscally responsible decision-making that lifts up the middle class and fulfills campaign promises the Governor made as a candidate in 2017. The priorities, values, and accomplishments in this budget prove that Governor Murphy is exactly who he said he’d be — a champion for New Jersey’s middle class and all those striving to get there.
In contrast, the failed policies of former governor Chris Christie and Republican gubernatorial candidate Assemblyman Jack Ciattarelli gave out tax breaks to millionaires and well-connected corporations at the expense of middle-class families, vital programs, and long-term financial stability.
Investing in Education
The previous administration and its enablers chose to spend money on tax breaks for the wealthy and special interests instead of public education — harming our children’s future and leaving property taxpayers on the hook for the state’s share of school funding.
The FY 2022 builds on the Governor’s commitment to fully fund the school funding formula, strengthening New Jersey’s position as the nation’s number one ranked public education system and lessening the burden on local property taxpayers. The budget also invests in broad and equitable higher education opportunities for New Jerseyans, providing students with an opportunity to earn a Bachelor’s degree tuition-free through the Garden State Guarantee.
Providing Middle-Class Tax Relief
Tax fairness is a critical component of making New Jersey stronger and fairer. Rather than returning to the Christie-Ciattarelli playbook of slashing taxes for the wealthy, this budget builds on the Governor’s commitment to grow New Jersey’s economy from the middle out and bottom up, providing billions of dollars in tax relief to seniors and working- and middle-class families.
Restoring Fiscal Integrity
After decades of skipped pension payments, the Governor’s budget includes the first full pension payment in over 25 years — a record $6.9 billion. In making this payment, the Governor is keeping his word to hundreds of thousands of public workers who have dutifully paid their full share of pension payment and had been neglected by the previous administration. The budget also sets aside $3.7 billion dollars to pay down the state’s long-term debt, making this year’s budget the most fiscally responsible in decades.
“This budget is a reflection of the New Jersey values that Governor Murphy has been committed to since day one and lives up to his mission of making New Jersey stronger and fairer for everyone, in every community,” Murphy for Governor Spokesman Jerrel Harvey. “The Governor has made tremendous strides to dig New Jersey out of the Christie-Ciattarelli fiscal mess and put New Jersey back on track — and voters won’t go back to the failed ways of doing things.”