The spending plan raises $1.3 billion in new taxes on businesses and residents. It preserves property tax rebates to homeowners with limited and fixed incomes.
The budget increases so-called sin taxes on liquor, wine and lottery winnings over $10,000. It raises income taxes for one year on the wealthiest New Jerseyans and extends a 4 percent surcharge on corporate business taxes that was to expire.
The budget relies on $2.2 billion in federal stimulus money.
Democrats say the budget is responsible and prudent in harsh economic times. Republicans say it relies too heavily on federal stimulus money and other one-time revenues.
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