New Jersey leaders have reached a deal on a $60.7 billion state budget, and the agreement carries direct savings for Denville families and seniors.
Governor Mikie Sherrill, Senate President Nicholas Scutari, and Assembly Speaker Craig Coughlin announced the Fiscal Year 2027 agreement on Tuesday, June 23, 2026. The total matches the $60.7 billion Sherrill proposed in March, a rare result after years of budgets that grew by hundreds of millions during negotiations.
The deal increases the state’s Child Tax Credit by 25 percent, putting more money back in the pockets of families with young children. For Denville parents, that means a larger credit at tax time.
It also adds $100 million to Stay NJ, the property tax relief program for residents 65 and older. The agreement raises the minimum income needed to qualify and adjusts benefit amounts, steering more relief toward seniors at the lower end of the income scale. In a high-tax county like Morris, the program remains an important lifeline for older homeowners.
Leaders said the plan delivers the largest property tax relief in state history, cuts the structural deficit in half, fully funds public pensions, and grows the state surplus.
The budget committee is expected to meet again this week, and the Legislature is racing to pass the spending plan before the June 30 constitutional deadline. The new budget takes effect July 1.
Denville Now has tracked other state moves affecting local residents, including a new law requiring schools to post free meal applications and a system-wide NJ Transit schedule reset on the Morristown Line.
