Governor Corzine delivers 2008 NJ Budget

reprint from njar

February 22, 2007

Governor Jon S. Corzine delivered his annual budget message to a joint session of the New Jersey Legislature today.

As of now, the governor's plan for fiscal year 2008 does not include any new taxes or tax increases; however, finalizing the budget is a lengthy process and new proposals may be introduced at any moment. According to State Treasurer Brad Abelow, the budget will contain roughly $339 million in additional tax cuts and another $300 million in one-time revenue sources. NJAR is intimately involved in this process and will notify members of any measures that will impact the real estate industry. REALTORS® should be prepared to take action through the NJAR Action Center should an issue arise.

NJAR applauds the governor for proposing a more transparent budget process, by making the budget available for public review 7 days prior to final passage, followed by 3 days for review by the executive branch. The Treasury Department would then provide a summary of the enacted budget so the public can see how their money has been appropriated. The New Jersey Constitution mandates that a balanced budget be in place by July 1 of each year.

The governor's budget recommendations are available online at http://rs6.net/tn.jsp?t=jrv677bab.0.zgsd67bab.6nzyc7n6.53119&ts=S0228&p=http%3A%2F%2Fwww.state.nj.us%2Ftreasury%2Fomb%2Fpublications%2F08budget%2Fpdf%2Fbudget.pdf.

A copy of the budget address is available at http://rs6.net/tn.jsp?t=jrv677bab.0.9gsd67bab.6nzyc7n6.53119&ts=S0228&p=http%3A%2F%2Fwww.state.nj.us%2Fgovernor%2Fnews%2Fspeeches%2F2007_budget.html.

Coverage of the broadcast may be seen at http://rs6.net/tn.jsp?t=jrv677bab.0.8gsd67bab.6nzyc7n6.53119&ts=S0228&p=http%3A%2F%2Fwww.njn.net%2Fnewspublicaffairs%2Fcoverage%2Fbudgetmessage07.html.