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GREENWALD STATEMENT ON COMMITTEE RELEASE OF 'REVISED AND IMPROVED' FY2010 PLA
By droseman
OF 'REVISED AND IMPROVED' FY2010 PLAN
(TRENTON) - Assembly Budget Committee Chairman Louis Greenwald (D-Camden) today released the following statement as the panel voted 8-4 to send the Fiscal Year 2010 state budget to the full Assembly, where a Thursday floor vote has been scheduled:
"What a difference a week makes.
"The budget we released today is revised and improved, yet still maintains the core spending reductions we have reviewed throughout the past three months.
"We've always said that we would provide as much property tax relief as possible, and this revised budget allows us to honor that Democratic commitment to put property taxpayers first.
"For seniors, the commitment made at the outset to preserve the same levels of property tax relief as last year remains unchanged.
"Now, this budget also will restore property tax rebates for families with incomes up to $75,000.
"Further, we will restore property tax deductions for households with incomes up to $250,000 - an overwhelming majority of New Jersey households.
"When this committee last convened, New Jersey's tax amnesty program was about to expire having met our expectations for bringing in new, much-needed revenue that could keep us from having to cut vital programs even deeper.
"We had no idea that, while we sat here, the Division of Taxation was being literally flooded with tens of thousands of last-minute filings.
"With the news that what we had originally hoped would be a $100 million effort had become a $700-million-plus effort, the prudent action was to bring this budget back to committee.
"New Jersey's property taxpayers will be the rightful beneficiaries.
"As legislative leaders and the Governor noted on Thursday, this revenue will be put to work to help New Jersey's taxpayers, not grow the bureaucracy.
"It will not be wasted on expensive and unnecessary pet projects. It will not be handed over to special interests.
"If New Jersey hadn't already separated itself from the rest of the nation in how we have handled our budget in this unprecedented economic climate, now we have.
"As other states continue to make unconscionable cuts to their residents core values, we continue to strengthen ours."
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