NJ Assembly approves $29B budget

June 25, 2009 1:33:12 PM PDT
The New Jersey Assembly has approved a $29 billion budget that increases sin taxes and levies on businesses and the wealthy, and includes tax rebates for low-income residents. The vote was 45-34.

The Senate is expected to vote Thursday on bills that raise $2.8 billion through tax increases before considering the budget.

The spending plan includes property tax relief for 1.1 million seniors and low-income residents.

The last-minute relief was possible because a tax amnesty program collected nearly $500 million from corporations and individuals.

About half the residents who got rebates last year will see checks this fall. Those making more than $75,000 and renters will lose their rebates.

Assembly Republicans objected to every tax increase bill, and none approved the budget.

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