Overview
- The proposal lowers StayNJ’s income cap from $500,000 to $250,000 and limits the maximum benefit to about $4,000, with the $250 ANCHOR bonus for senior homeowners eliminated.
- Education funding reaches new highs with $12.4 billion in K‑12 aid, $1.4 billion for preschool, $15 million for high‑impact tutoring, and $33 million for school‑based youth mental health.
- Revenue measures include capping corporate net operating loss deductions at $1 million for three years, narrowing an alternative business deduction to small firms, and imposing fees on large employers with many workers on NJ FamilyCare, totaling more than $700 million.
- Spending grows 1.6% as the administration estimates the structural deficit drops from about $3 billion to roughly $1.6–$1.7 billion, requiring use of surplus reserves.
- Lawmakers now begin months of hearings and negotiations ahead of the June 30 deadline, with pushback expected over StayNJ changes that follow the first checks mailed to seniors.