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Posted: Tuesday, 30 June 2009 4:19AM
New Jersey Governor Jon Corzine Signs $29 Billion 'Recession' Budget for 2009-2010
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TRENTON, NJ (AP) -- New Jersey Gov. Jon S. Corzine has signed a new $29 billion budget into law.
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The spending plan that takes effect Wednesday raises $1.3 billion in new taxes on businesses and residents. It eliminates property tax rebates for the those under 65 who make more than $75,000 annually.
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 and extends a 4 percent surcharge on corporate business taxes that was set 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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Copyright 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. Audio Content and Graphic Content Copyright 2009 WCBS-AM 880.
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