Amnesty tax bolsters New Jersey budget
Friday, June 19th, 2009
By: Fit Staff
mcampbell@whyy.org
By: Phil Gregory
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New Jersey legislators were set to vote on a new state budget Thursday, but they got a piece of news- good news, for a change – that made them postpone the vote. The state tax amnesty program has collected at least 400 million dollars more than had been expected.
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Because of the increased revenue, the Assembly and Senate Budget Committees will meet on Monday to revise the budget plan with a final vote on the budget by the Legislature now anticipated on June 25th. Legislative leaders agree with Governor Corzine that the extra funds will be used for property tax relief. Senate President Dick Codey says the details are still being worked out.
Codey: It's fair to say that raising the amount of household income you can have to be eligible to still write off your property taxes would be fair . After that I just don't know how much is left of that money
Assembly Budget Committee Chairman Lou Greenwald says property tax rebates may be restored for families making up to $75,000.