Corzine Expected To Sign $29B N.J. State Spending Plan

New Jersey Gov. Jon Corzine today is set to sign a new $29 billion state spending plan into law. The spending plan raises $1.3 billion in additional taxes on businesses and residents. It preserves property-tax rebates to homeowners with limited and fixed incomes. The budget increases so-called sin taxes on liquor, wine and lottery winnings of more than $10,000. It raises income taxes for one year on the wealthiest New Jerseyans and extends a 4 percent surcharge on corporate business taxes that was to expire. The budget relies on $2.2 billion in federal stimulus money. Democrats said the budget is responsible and prudent in harsh economic times. Republicans said it relies too heavily on federal stimulus money and other one-time revenue. AP.

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