Windfall may spur property tax relief

State lawmakers say money generated from a tax amnesty program is yielding a bigger windfall than expected. Lawmakers in Trenton originally projected revenue of $400 million from the tax amnesty program,

News 12 Staff

Jun 22, 2009, 11:23 PM

Updated 5,509 days ago

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State lawmakers say money generated from a tax amnesty program is yielding a bigger windfall than expected.
Lawmakers in Trenton originally projected revenue of $400 million from the tax amnesty program, but now say the state will reap close to $700 million.
The windfall could allow for families earning up to $50,000 to receive full property tax rebates. Families that earn up to $75,000 would get two-thirds the rebate they received in 2008. Families with an income of more than $75,000 would not receive a rebate.
While legislative leaders are still trying to hash out what to do with the newfound money, Assembly Budget Committee Chairman Lou Greenwald says there is no debate - the money is going back to taxpayers.
"That's been the conversation since we first heard the good news," says Greenwald. "It's been about restoring property tax relief. That's where the focus has been."
Tax relief or not, Republican leaders say they still plan to vote against the budget.
"If they put it in a separate bill to provide that property tax relief, we would support that," says Anthony Bucco (R-Boonton). "The budget the way it stands right now - with the increases in fees, the increases in taxes - no, we're not about to support that part of the budget."
A vote on the budget is expected Thursday.


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