New Jersey’s governor floats rebates as several states including New York and Michigan debate what to do with surpluses

Phil Murphy, governor of New Jersey, plans to make a full $7 billion payment toward the state’s underfunded pension liabilities and will increase reserve funds to $10 billion.

Photo: Ting Shen/Bloomberg News

Updated Feb. 28, 2023 11:24 am ET

New Jersey Gov. Phil Murphy on Tuesday will propose another $2 billion in property-tax rebate checks as part of a $53 billion state budget, a state treasury official said, making it the latest state to push ahead with tax-relief proposals despite recession concerns. 

Measures under discussion in more than a dozen states vary widely but the trend cuts across political divides: Governors and state lawmakers are looking for ways to give taxpayers a break. 

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