State lawmakers passed a $29 billion budget late Thursday night, a measure expected to raise taxes on most New Jersey taxpayers.

The budget, which now goes to Gov. Jon Corzine's desk for his signature, will raise income tax on the wealthy, and will not give back property tax rebates to New Jersey residents that make more than $75,000. If taxpayers make between $50,000 and $75,000 they will receive a small rebate. Any taxpayer who makes less than $50,000 will receive a full rebate.

No Republican in the either house of the state legislature voted for the budget. Next year's budget could be grimmer as the state faces an estimated $10 billion shortfall.