Corzine Says Extra $400 Million May Be Used for Tax Rebates

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Just hours before state lawmakers were set to approve next year's budget, New Jersey Governor Jon Corzine called a last minute press conference to say he had $400 million more to spend. The extra revenue came through an amnesty program which waives penalties and interest charges for delinquent tax payers.

Both Corzine and legislative leaders have decided to take an additional week to review their options but the governor, who is also running for re-election, has a firm idea of how he wants to spend the money.

CORZINE: I want to convey in the strongest possible terms my commitment to using these recovered resources to provide middle class homeowners with much needed property tax relief.

This year nose-diving tax revenues prompted Corzine to eliminate the state's popular property tax rebate program for all state residents except for the elderly and disabled.

New Jersey's property taxes, which fund local education, are some of the highest in the nation.