June 18, 2009
Re: State Budget Update
In a surprise move this morning, Governor Corzine announced the receipt of tax amnesty revenues well in excess of the anticipated $200 million. The announcement of more than $600 million in amnesty receipts resulted in a delay of Legislative action on the FY 2010 Appropriations Act. The respective Senate and Assembly budget writing committees are scheduled to amend the act next Monday, June 22. Both Houses anticipate a final vote on Thursday, June 25.
At his Press Conference in the State House, Governor Corzine stated "in the strongest possible terms," that this windfall should be used to "provide middle class homeowners with much-needed property tax relief..." We suspect that will mean a restoration of property tax rebates that had been slated for elimination in the budget bill that had been up for consideration today. We do not anticipate the restoration of any of the municipal revenue replacement funding that was eliminated in the Governor’s original budget proposal.
We will let you know more, when we have the opportunity to see the actual proposed revisions. If you have any questions, contact Jon Moran at 609-695-3481, ext. 121.
Very truly yours,
William G. Dressel, Jr.