N.J. legislature begins scrutiny of gov’s budget plan

Gov. Chris Christie’s proposed $32.1 billion budget is about to get its first legislative hearing.

The Assembly Budget Committee begins its examination of the plan with a hearing today at the Statehouse.

The Republican governor’s third budget appropriates $183 million to begin phasing in his proposed 10 percent income tax cut. It also allocates more money than last year for K-12 and higher education.

It also spends more than the current budget, mostly because it projects New Jersey will collect 7.3 percent more taxes in the fiscal year that starts July 1.

 

Democrats have their own plan to cut taxes. It links income tax cuts to property tax bills and excludes higher earners from eligibility.

The dueling tax cut plans will likely be the centerpiece of this year’s budget battle.