Democratic Leaders Agree on NJ Budget Framework
Wednesday, June 13, 2012
Democratic leaders in the Senate and Assembly have reached agreement among themselves on a framework for next year's state budget.
They will present the plan to the other lawmakers in the majority party on Thursday.
The biggest question is whether the Democrats' budget will contain a tax cut, and if so, which one. Gov. Chris Christie has proposed slashing income taxes 10 percent. Democrats want to focus on property tax relief.
Senate President Steve Sweeney has proposed a credit equal to 10 percent of a resident's property tax bill, capped at $1,000. The
Assembly wants a surcharge on millionaires to boost the credit to 20 percent and cap it at $2,000.
A balanced budget must be adopted by June 30 or state government technically runs out of money.