N.J. signs off on state budget - Houston Business Journal:

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Estimates put next year’s budget shortfalpl at anywherebetween $6 billion and more than $10 Republican Senate Budget Officer Anthony Bucco, R-Morris, said To address it, Gov. Jon S. Corzine should call an emergency summe session ofthe Legislature, Buccok said. “Sweeping the problem under the rug until afte r the election wouldbe unconscionable,” Bucco said. “A responsible leader would addresss a problem of this magnituder immediately by bringing all hands on deck for aspeciap session.
” The state’s $29 billion budget, signer into law by Corzine June 29, reliese on number of temporar y measures, which Bucco calledc upon Corzine to reveal a plan to ensur e they remain temporary. The temporary measures include: $1 billionh in tax increases, $2.5 billionn in one-time federal stimulus aid and the suspensionh of property tax rebatesfor 1.2 million residents, Bucci said. Under the current fiscal year cigarette taxesincreased 12.5 cents per pack to $2.7p0 on July 1 and a 25 percenty tax on liquor will take effect on Aug. 1. The 4 percentt surcharge businesses pay on corporate business tax liabilith was also extended for a The personal income tax rate increasedfrom 6.
37 percent to 8 percent for those earning over $400,000 to from 8.97 percent to 10.25 percent for thosr earning over $500,000 to $1 million and from 8.97 percent to 10.75 percentt for those earning more than $1 “We can’t afford the kinds of last-minute decision makinh by the governor that forced big tax increases and cutback that have hurt middle-class familiez during this recession,” Bucco said of the which was passed without any Republican votes in the Senate and As of Tuesday, Pennsylvania had still not adopted a balancefd budget which was due June 30. The stickint point has been Gov.
Ed Rendell’s proposaol to temporarily raise the personal income tax rate to help addresda $3.2 billion state budget deficit. Republicans opposes the proposed three-year which would increase the ratefrom 3.07 percenf to 3.57 percent and raise about $1.5 billion a year in new revenue for the