N.J. residents would get $8B in tax relief and state would reduce $3B in debt under new GOP plan

Republican plan includes $8 billion in tax relief, a $5 billion surplus, more than $3 billion to pay down debt.

Republican members of the state Senate budget committee announced a resolution that includes a detailed plan for spending an estimated $9 billion in unexpected tax revenue and more than $3 billion in federal coronavirus relief money that remains unallocated.

“We’re leading the way in showing Gov. Murphy and the Democrat legislative majorities how to give back billions to taxpayers while building a responsible surplus and paying down substantial additional debt,” Sen. Declan O’Scanlon, R-Monmouth, the chamber’s Republican budget officer, said in a statement released Thursday. “It’s no surprise that everyone else is suddenly rushing to find ways toNote to readers: if you purchase something through one of our affiliate links we may earn a commission.

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