Budget advances in New Jersey

New Jersey legislative leaders are optimistic a new state budget will be in place by the end-of-the-month deadline.

Senate Majority Leader Loretta Weinberg says Democratic leaders in the Legislature have reached agreement on the framework of a new budget.

“It will be given to our various caucuses,” said Weinberg Wednesday. “Then when the budget committee reviews the budget, the budget committee in each of the houses, we will be sending, I believe, a responsible budget to the governor.”

Weinberg, D-Bergen, would not say whether the agreement includes a tax cut.

Gov. Chris Christie, who had proposed a 10 percent across-the-board income tax cut, has indicated he would support a plan by Senate President Steve Sweeney for a 10 percent property tax credit.

Assembly Democrats proposed a 20 percent credit with an income tax surcharge on millionaires to help pay for it.

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