Trenton leaders agree on StayNJ senior property tax plan

Jun 22, 2023 · From left: Gov. Phil Murphy held a press conference June 21, 2023, in Trenton with Assembly Speaker Craig Coughlin, D-19th District, and Senate President Nick Scutari, D …

FAQs about Trenton leaders agree on StayNJ senior property tax plan Coupon?

Will Coughlin's staynj program still offer property tax credits?

The new version of Coughlin’s StayNJ program would still offer property tax credits to New Jersey seniors, but the awards would have a $6,500 cap that indexes for property tax hikes — down from the static $10,000 cap Coughlin initially proposed — and be subject to income limits. ...

Did Murphy agree to a 'global framework' for a state budget?

Murphy administration officials confirmed Monday that they and leaders of the Legislature have agreed to a tentative deal on the “global framework” of a state budget plan. The final version, officials said, would include some of the tax relief Coughlin had sought in his proposal — and addresses some concerns Murphy had with that plan. ...

Will Coughlin's tax break plan shut down the state government?

One month after Assembly Speaker Craig Coughlin announced a major tax break plan aimed at senior homeowners, Coughlin joined Gov. Phil Murphy and Senate President Nicholas Scutari Wednesday to unveil a compromise version of the proposal, capping testy negotiations that included a threat to shut down the state government. ...

What is the staynj property tax relief plan?

The StayNJ property tax relief plan had shaped up to be among the more contentious parts of the budget negotiations because Coughlin initially proposed it with no income caps and credits worth half a seniors’ property tax bill worth up to $10,000. ...

Who are Phil Murphy and Craig Coughlin?

Gov. Phil Murphy, with Senate President Nicholas Scutari, right, and Assembly Speaker Craig Coughlin, left, at his FY2024 Budget Address, February 28, 2023. (Photo: Kevin Sanders for the New Jersey Globe). ...

What is a 'staynj' compromise agreement?

“When coupled with the 18 tax cuts we have already instituted or proposed for lower and middle-income taxpayers, this compromise agreement prioritizes equity and affordability to decisively level the playing field for New Jersey seniors.” “StayNJ is about our future and our families' future. ...