Popular New Jersey rebate program to be suspended

By: Phil Gregory

New Jersey Governor Jon Corzine’s proposed budget for the fiscal year starting July First is 28-point-6 billion dollars. That’s 1-point-2 billion dollars less than what he proposed in March. In testimony yesterday before the Assembly Budget Committee, Corzine’s treasurer detailed how the state would close what he called most daunting budget challenge in the New Jersey history.

By: Phil Gregory

New Jersey Governor Jon Corzine’s proposed budget for the fiscal year starting July 1st is 28.6 billion dollars. That’s 1.2 billion dollars less than what he proposed in March. In testimony yesterday before the Assembly Budget Committee, Corzine’s treasurer detailed how the state would close what he called most daunting budget challenge in the New Jersey history.
Caption: New Jersey State Treasurer David Rousseau
Listen:
[audio: 090519pgbudget.mp3]

State Treasurer David Rousseau says declining revenues means the state can’t afford to give property tax rebates to anyone except senior citizens and the disabled.

Rousseau: Budget shortfalls have resulted in the need for a one year suspension of all the rebates for non-senior citizens. However 600,000 senior citizens will see no reduction in their rebates.

Rousseau says the state also plans to pay less into its employee pension fund for the second straight year, and will raise taxes on the richest one percent of New Jersey residents.

The treasurer’s testimony came hours after the legislature’s nonpartisan budget analyst said it could take New Jersey another six years to get its revenue back up to last year’s level.