NJ Lawmaker Proposes $500 Tax Credit for Gas Prices, Inflation
TRENTON — A Republican lawmaker is proposing a $500 tax credit aimed at providing families with relief from gas prices and the highest inflation in 40 years.
"Gas prices and inflation are both soaring, which is making it harder for New Jerseyans to fill their tanks and feed their families," freshman state Sen. Edward Durr, R-Gloucester, said Thursday.
He also criticized Gov. Phil Murphy for sitting on billions of dollars of extra taxes that he collected this year that he does not need.
Durr will introduce the "Gas Price and Inflation Tax Credit Act," which will provide a $500 refundable income tax credit to families with an income less than $250,000 when they file their 2021 tax returns.
The new proposal is expected to provide approximately $1.5 billion in gas tax and inflation relief to residents.
"Our millionaire governor simply isn't feeling the pain that the average family is feeling due to rising gas prices and inflation," Durr added.
Durr's new bill and the previously announced Give It Back tax credit would combine, return almost all of the $4.6 billion of unexpected tax collections taken in by the Murphy administration this year.