TRENTON, N.J. (PIX11) - A bill in New Jersey tied to a program designed to cut seniors' property taxes in half cleared another hurdle in Trenton.
If it's implemented, StayNJ would give a property tax break of up to $6,500 to seniors 65 and older making under half a million dollars a year.
"It is so important for the senior citizens of New Jersey," said Assembly Speaker Craig Coughlin, the bill's sponsor. "Always number one, top of the list is property taxes."
On Monday, the Senate Budget and Appropriations Committee met to discuss the bill with several recommendations by the StayNJ task force, including streamlining the application process to go alongside ANCHOR and Senior Freeze programs. The bill looks to get seniors to remain in the Garden State, rather than retire in other states with lower property taxes.
"We want them to keep themselves here because they contribute so much to each of their community," said Coughlin.
The current state budget has $220 million earmarked for the program, which will accept applications starting next year. Coughlin said the state was able to fully fund the school funding formula and the state pension plan, and that this, too, will become reality.
"We have made the commitment to making New Jersey more affordable," said Coughlin, a Democrat. "We have demonstrated over the course that I've had the privilege of being the speaker that when we set our minds to it and make it a priority, we accomplish it."
Those opposed to the bill are raising their voices.
"It can't happen," said Republican Senate Budget Officer Declan O'Scanlon, who said StayNJ would drive the state's structural deficit up to $5 billion.
"They have no way to pay for this," said O'Scanlon. "This was an election year gimmick several years ago. It still remains that and is still an unworkable mess. Lovely words that we want to make New Jersey more affordable. The way to do that is do the hard work Republicans have been calling for for years, and it's been ignored."
The StayNJ bill passed in the Assembly by an overwhelming majority in June. After passing through the Senate Budget and Appropriations Committee Monday, its next stop will be the Senate floor.
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