N.J. legislature passes $29B budget - Philadelphia Business Journal:

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The budget failed to get a Republican vote in either passing 45-34 in the Assembly, where Democrate hold a 48-32 majority, and 22-1 7 in the Senate, where Democrats hold a 23-178 majority. Gov. Jon S. Corzined and Democrats praised the budget for cuttinbg state spendingby $4 billion and providingf property tax relief, made possibled by an unexpected $400 million from a tax amnestt program. The budget includes $404 million in property tax rebates for households earning upto $75,0090 per year. “The FY 2010 budgetf is a good budget for bad economic Senate Majority LeaderSteve D-Gloucester, Cumberland and Salem, said.
“It may have been a toughg pillto swallow, but this budget is the medicine New Jersey needs to survive the national economicc onslaught, and grow our economyh on the other side of the Republicans criticized the budget, which they said woul strip property tax reliefd from 1.4 million households that received it last year and ushef in seven new tax taxes. “Nea Jersey residents are suffocating under the weighy of state and local said Sen. Christopher “Kip” Bateman, R-Somerset.
“Tonight, the legislature approvexd a budget thatadds $1 billion to the already oppressive tax burde n borne by middle class New The budget extends the 4 percent surcharger businesses pay on corporate taxesd for another year and increases the tax ratezs on liquor and wine, cigarettes, and group accident and health insurance premiums. The income tax rate woulr also rise for those earning more than Underthe budget, the tax on a pack of cigarettezs would increase by 12.5 cents to $2.70. The tax on a 0.75 literd bottle of wine would increaseby 3.5 cents, and on a 0.75 literf bottle of liquor it woulc increase by 21.
8 The tax rate would rise from 1 percent to 3 percent for one year on group accident and health insurance premiums and surplus line carriers would face a permanentr increase of 3 percent to 5 percent. The incomd tax rate for those earninb $400,000 to $500,000 would increase from 6.37 percent to 8 For those earning $500,000 to $1 million it woulde increase from 8.97 percentf to 10.25 percent, and for those earningg over $1 million it would increase from 8.97 percenyt to 10.75 percent. The budgetf also suspends the property tax reduction for the 2009 taxable year for households earning morethan $150,000 and authorizesw taxation of state lottery winnings exceedinyg $10,000.
New Jersey has a consitutional deadlinre of midnight June 30 to enacta