NJ college students and senior citizens will get new tax breaks. What to know

Our seniors deserve to retire securely — that’s why Phil Murphy has worked to pass new tax cuts for retirees with incomes up to $150,000/year.

Students and senior citizens can expect financial perks under a budget deal announced by state leadership Tuesday. 

The agreement would provide two years of free tuition for certain students of public colleges; create new college tax deductions; match college savings payments for low-income families and raise the amount of income excluded from taxes for retirees. 

The benefits are included in a proposed $46.4 billion spending plan for the 12-month budget year that begins July 1.

The plan includes the first full payment into the troubled pension system in nearly 25 years, strategies to pay down debt and additional property tax aid for seniors and disabled homeowners, among other things.

Lawmakers' budget, outlined in a 280-page bill, was made available to the public late Tuesday afternoon, just minutes before panels of lawmakers in the Senate and Assembly gave it initial approval.