The announcement yesterday by Gov. Murphy, Senate President Scutari and Assembly Speaker Coughlin of $2 billion in property tax relief as part of the ANCHOR program is good news for many New Jersey residents and a step toward making New Jersey more affordable.
Unfortunately, the ANCHOR program provides no property tax relief to New Jersey businesses which pay about half of the state’s property taxes and are still trying to recover from the unprecedented fiscal challenges of the COVID-19 pandemic.
Following this $2 billion expenditure from the state’s surplus, there is still $9 billion at our state leaders’ beck and call which can be used to resurrect our economy and form the foundation for the future prosperity of our state.
We have articulated many times our suggestions for the use of the surplus dollars which, if enacted, would generate long-term sustainable and reliable revenue for the state. That revenue is mandatory to pay for our growing state budget which just grew by $2 billion next year.
The ANCHOR tax relief program makes a strong investment in New Jersey’s citizens.
The N.J. Chamber now urges the governor and Legislature to make an equally strong investment in New Jersey’s businesses, so we can create and sustain a robust economy and generate opportunities for all our citizens.