Gov. Mikie Sherrill (D-NJ) unveiled on Tuesday her budget proposal for New Jersey, aimed at closing the state’s deficit by closing corporate tax “loopholes,” among other policy changes.   

The governor, sworn in at the beginning of the year, told the legislature she was not looking to raise taxes on individual New Jerseyans in her $60.7 billion inaugural budget plan. But she is seeking to raise revenue by reducing tax breaks for larger businesses and by reducing eligibility for a senior property tax relief program called Stay NJ. Making changes to Stay NJ that would place a $250,000 cap on household income, down from $500,000, will save taxpayers “hundreds of millions of dollars a year,” Sherrill said during a speech to lawmakers touting her “affordability budget.”