Gov. Mikie Sherrill on Tuesday signed New Jersey’s $60.7 billion fiscal year 2027 budget into law, pairing record investments in property tax relief and K-12 education with a full pension payment and an expanded child tax credit, while several elements drew sharp criticism from Republicans and business groups.
The budget (Assembly Bill 5327/Senate Bill 2027), the first of Sherrill’s administration, maintains spending at the level she first proposed in February – the highest in state history – while preserving New Jersey’s sixth consecutive full pension payment; cutting the structural deficit from more than $3 billion to $1.35 billion; and ending the fiscal year with a projected $6.05 billion surplus, down from roughly $7.7 billion at the start of the budget process.
Alongside the spending plan, lawmakers approved a series of companion bills that implement key fiscal policies, including temporary business tax changes, a new employer Medicaid assessment, expanded child tax credits, reduced business formation fees and a separate $358.8 million supplemental appropriations bill that became one of the most contentious pieces of the budget package.
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