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Governor Restores Property Tax Deductions

 

By Herald Staff

TRENTON — Gov. Jon S. Corzine Friday, March 20 adjusted his $29.8 billion budget proposal to include the restoration of the property tax deduction for all New Jersey taxpayers earning up to $150,000. The original proposal retained the deduction for all senior taxpayers, and this adjustment will restore the deduction for all other taxpayers earning up to $150,000.
“I’ve been listening to New Jerseyans and think we need to preserve this deduction to continue our fight to ease the burden of property taxes,” Corzine said in a release. “To that end, I will adjust the budget proposal I made to the Legislature by restoring the property tax deduction to nearly 1.5 million working families.”
Under the Governor’s adjusted budget proposal, 84 percent of New Jersey taxpayers will get a full deduction. For this near-complete restoration, a one-year only increase in the “millionaire’s tax” will be implemented. That tax was enacted in 2004 and applies to the wealthiest one percent of New Jerseyans, those who make more than $500,000 a year.
“Given the circumstances, allowing people to maintain their property tax deduction is the right thing to do and will help ease the pain for those being squeezed the most,” Senate President Richard J. Codey said.
“Preserving property tax relief for working families has always been our shared goal,” Assembly Speaker Joseph J. Roberts, Jr. said. “The concerns of New Jersey homeowners remain our top priority as we work to craft a budget that meets their needs in these difficult economic times.”
The Governor’s FY10 budget proposal will still include:
• $4 billion in baseline spending cuts, with more than 850 line items being cut;
• an increase in aid for pre-K to 12 education of $325 million;
• sustaining the expanded Senior Freeze;
• funding for food banks, charity care, worker retraining and the job tax credit
“With this adjustment, my administration continues its efforts to assist working families in New Jersey in every way possible, but especially by providing relief from high property taxes,” Corzine said. “There are things in the proposed budget that we might not choose to do in normal times but even when the choices are tough, we must choose to do what is right for New Jersey.”

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