Eliminating Income Tax for Seniors and Capping Stay NJ Program

"As our population ages, it is imperative that we provide financial relief to our senior citizens who have contributed so much to our state," said Sweeney. "By eliminating income tax for those over 65 with a household income of $250,000 or less, we are acknowledging the importance of allowing our seniors to live with dignity and financial security."

The elimination of income tax for senior citizens is expected to provide significant financial relief to thousands of households across the state. This policy aims to reduce the burden on elderly residents, allowing them to allocate their resources towards healthcare, living expenses, and enjoying their retirement years without the stress of state income tax.

Moreover, the Stay NJ program, designed to support long-time residents in maintaining their homes and staying in New Jersey, will now be capped at $250,000. This cap ensures that the program remains sustainable and that the funds are distributed equitably among those who need it most.

"Our seniors deserve the peace of mind that comes with financial stability," Sweeney emphasized. "By capping the Stay NJ program at $250,000, we can ensure a fair distribution of resources while continuing to support the goal of keeping our cherished residents in their homes."

"If Steve was elected Governor, this would be the difference between getting to retire at a reasonable age and having to work indefinitely,” said Nancy Barna, a 65-year old New Jersey resident. “Especially given the state of the federal government, this would be incredible savings for us."

This program increases the Stay NJ for senior households between $100,000 and $250,000 by $2000 to $12,000 in benefit over the maximum Stay NJ benefit alone. All benefits for households and Renters under Stay NJ for households under $250,000 will remain.

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