NJ Residents to Get 'Significant' New Tax Cuts, Governor Says

New Jersey Governor Phil Murphy said residents can expect “significant tax cuts” even after the state passed a $2 billion property tax rebate program last year.

“We delivered, I think at this point, 14 or 15 tax cuts already for the middle class, for seniors, for families, and we’re not going to relent,” Murphy said Thursday in an interview on Bloomberg Television’s “Balance of Power With David Westin.” “We are looking at other tax cuts.”

The second-term governor, a 65-year-old Democrat and retired Goldman Sachs Group Inc. senior director, came to office in January 2018 with promises to revive New Jersey’s economy and provide relief for residents who pay the highest property taxes in the U.S.

Last year Murphy and the Democratic-led legislature approved a program that provides tax relief checks for homeowners and renters. Called Anchor, it replaces the Homestead Rebate program, which had shrunk over several years due to budget constraints, and vastly expanded the pool of those eligible.

In the interview, Murphy also expressed optimism on the progress of Gateway, the multibillion dollar program for a new rail tunnel between New York and New Jersey. He said the project has just received a $292 million federal grant.