NJ Senate passes 2 pct tax cap compromise

(AP) - The New Jersey Senate on Thursday approveda revised plan to cap at 2 percent annual spending and property taxincreases.

The measure passed by a vote of 35-3.

Gov. Chris Christie and Senate President Stephen Sweeneyannounced the compromise over the weekend.

Assembly Speaker Sheila Oliver wasn't part of the deal. ButOliver says she won't obstruct passage once the Assembly's concernsover some details are resolved. The Assembly must still considerthe plan.

The Assembly and Senate passed a 2.9 percent property tax capbill last month. Christie refused to sign it because it allowedmany exemptions.

Sweeney agreed to lower the cap and Christie said towns andschools could exempt costs they have no control over, such aspensions and health care.

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