Corzine has signed 29 billion dollar budget

By: Phil Gregory

Governor Corzine has signed New Jersey’s 29 billion dollar budget.

By: Phil Gregory
philgregorynews@gmail.com

Governor Corzine has signed New Jersey’s 29 billion dollar budget.

Listen:
[audio: 090629pgnjbudget.mp3]

The budget restores property tax rebates for senior citizens and households making less than $75,000 and raises $1.3 billion in new taxes on businesses and residents. Taxes are going up on cigarettes, wine and liquor. Governor Corzine says that should not be a major part of individuals’ budgets.

Corzine: Relative to a $1200 or a $1000 or even an $800 property tax rebate check I think it’s relatively small.

Corzine says the one year income tax increase for those making more than $400,000 only applies to about one percent of the state’s population. The Governor says he’s hopeful the economy and revenues improve by this time next year so some programs that experienced cuts this year can be restored.