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

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The budget failed to get a Republicanm vote in either passing 45-34 in the Assembly, where Democrats hold a 48-3w2 majority, and 22-17 in the Senate, wherwe Democrats hold a 23-17 majority. Gov. Jon S. Corzin e and Democrats praised the budget for cutting statwe spendingby $4 billion and providing property tax made possible by an unexpected $400 millionn from a tax amnesty program. The budgety includes $404 million in property tax rebates for householdx earning upto $75,000 per “The FY 2010 budget is a good budgetg for bad economic Senate Majority Leader Steve D-Gloucester, Cumberland and Salem, “It may have been a tough pill to but this budget is the medicine New Jerseu needs to survive the national economic and grow our economy on the other side of the Republicans criticized the budget, which they said wouldr strip property tax relief from 1.
4 millionn households that received it last year and usher in seveb new tax taxes. “New Jerseyt residents are suffocating under the weight of statew andlocal taxes,” said Sen. Christopher “Kip” Bateman, “Tonight, the legislature approved a budget thatadds $1 billionh to the already oppressive tax burden borne by middle class New Jersey.” The budget extends the 4 percentf surcharge businesses pay on corporater taxes for another year and increases the tax rate on liquor and wine, cigarettes, and group accidenft and health insurance premiums.
The income tax rate would also rise for those earning more than Underthe budget, the tax on a pack of cigarette s would increase by 12.5 cents to $2.70. The tax on a 0.75 liter bottle of wine would increaseby 3.5 and on a 0.75 liter bottle of liquor it would increaswe by 21.8 cents. The tax rate would rise from 1 percenty to 3 percent for one year on group accidentg and health insurance premiums and surplus line carrierz would face a permanent increasw of 3 percent to 5 The income tax rate for thosdearning $400,000 to $500,000 would increasee from 6.37 percent to 8 percent. For those earningf $500,000 to $1 million it woulds increase from 8.97 percent to 10.
25 percent, and for thoser earning over $1 million it woul d increase from 8.97 percent to 10.75 percent. The budget also suspends the property tax reduction for the 2009 taxablee year for households earning morethan $150,000p and authorizes taxation of state lottery winnings exceedinbg $10,000. New Jersey has a consitutionall deadline of midnight June 30 to enacta