Tax and budget bills ready in NJ

June 15, 2009 4:27:42 AM PDT
Proposals to raise sin taxes and increase levies on the wealthy and lottery winners are among the bills set for consideration in New Jersey Senate and Assembly committees. The bills to be considered Monday are part of the proposed $28.6 billion budget, which also is scheduled to be debated.

The budget includes proposals to hike taxes on liquor and wine but not beer, increase the tax on cigarettes to $2.70 per pack and raise the personal income tax rate for one year on those making more than $400,000. The proposal suspends the property tax deduction for those earning more than $150,000 and raises taxes on lottery prizes exceeding $10,000.

The budget was slashed by $4 billion from last year's because of a continuing decline in corporate, sales and income tax collections.

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