How Gov. Murphy’s Budget Proposal Would Affect the Frum Community in Lakewood and Beyond

New Jersey Gov. Phil Murphy delivered his Fiscal Year 2024 address in Trenton on Tuesday, laying out his proposals for how the state government should allocate money over the next fiscal year.

While the speech was quite broad in scope, Lakewood Alerts isolated two things mentioned by the governor which would most significantly impact the frum communities in Lakewood and nearby townships.

There is not yet much available information about a number of programs briefly discussed by Gov. Murphy, but here are some key points he made that would affect the Lakewood region:

  • Child Tax Credit – Murphy said his plan calls to double the state’s Child Tax Credit from $500 per child to $1,000, saying that it would “give working and middle-class parents an even bigger tax break.”
  • ANCHOR – The ANCHOR Property Tax Relief Program will be providing direct property tax relief this year of up to $1,500 for homeowners and $450 to renters. Gov. Murphy said his proposed budget will fully fund a second year of the program.

As far as the various funding programs for private schools are concerned, Lakewood Alerts has learned that the initial numbers to be provided are lower than askanim had hoped. That said, the budget is not yet official and will have to make its way through the Legislature, where askanim hope to be able to increase funding for aid-in-lieu and other programs.

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