Trenton – Senator Paul Sarlo, chairman of the Senate Budget and Appropriations Committee, issued the following statement after the Senate acted to approve New Jersey’s Fiscal Year 2023 Budget:
“This is a responsive and responsible budget that addresses the economic challenges of our time. It provides the largest tax cut and the largest surplus in state history. It also makes use of state and federal resources to reduce debt and make strategic investments in our future.
“This plan will make the lives of the people of New Jersey more affordable with substantial property tax relief for homeowners and renters, direct savings from the distribution of the energy tax, a tax holiday for school supplies and tax credits for children.
“The large surplus will protect the taxpayers from any potential economic slowdown or recession. And, we were careful to invest in services and programs in sustainable ways regardless of economic conditions next year.
“The debt defeasance fund will provide more of a financial cushion as well resources for infrastructure investments.
“We are making investments in primary needs, including school construction, affordable housing, clean water, higher education, Pre-K, transportation, public safety, and mental health.
“And we restored the budget provision that gives the Legislature the shared responsibility for approving the use of federal funds.
“This is a state budget that will address immediate needs, provide significant tax relief, install economic safeguards and support future opportunities.”