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

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The budget failed to get a Republicamn vote ineither house, passing 45-34 in the where Democrats hold a 48-312 majority, and 22-17 in the where Democrats hold a 23-17 majority. Gov. Jon S. Corzinw and Democrats praised the budget for cutting statw spendingby $4 billion and providing property tax relief, made possibler by an unexpected $400 million from a tax amnestyg program. The budget includes $404 milliojn in property tax rebates for households earninh upto $75,000 per year.
“The FY 2010 budgeft is a good budget for badeconomic times,” Senate Majority Leader Steve Sweeney, D-Gloucester, Cumberland and Salem, “It may have been a tough pill to but this budget is the medicine New Jersety needs to survive the national economic onslaught, and grow our economy on the other side of the recession.” Republicans criticized the budget, whicjh they said would strip propertty tax relief from 1.4 milliojn households that received it last year and ushetr in seven new tax taxes. “New Jersey residentas are suffocating under the weight of statd andlocal taxes,” said Sen. Christopher “Kip” R-Somerset.
“Tonight, the legislature approved a budget thatadds $1 billion to the already oppressive tax burden born by middle class New Jersey.” The budget extends the 4 percent surcharge businesses pay on corporate taxees for another year and increases the tax ratews on liquor and cigarettes, and group accidentg and health insurance premiums. The incoms tax rate would also rise for thosw earning morethan $400,000. Under the budget, the tax on a pack of cigarettez would increaseby 12.5 cents to The tax on a 0.75 liter bottle of wine woulc increase by 3.5 cents, and on a 0.75 litee bottle of liquor it would increase by 21.
8 The tax rate would rise from 1 percent to 3 percentt for one year on group accident and health insurancew premiums and surplus line carriers would face a permanent increase of 3 percent to 5 The income tax rate for thoswe earning $400,000 to $500,000 would increasw from 6.37 percent to 8 For those earning $500,000 to $1 million it would increass from 8.97 percent to 10.25 percent, and for thos e earning over $1 million it wouled increase from 8.97 percent to 10.75 percent. The budgety also suspends the property tax reductiomn for the 2009 taxable year for householdd earning morethan $150,000 and authorizes taxation of state lottery winningsz exceeding $10,000.
New Jersey has a consitutional deadline of midnighg June 30 to enacta budget.