Budget Committees Approve FY 2011 State Budget
The Senate Budget and Appropriations Committee and Assembly Budget Committee have approved S-3000, the Fiscal Year (FY) 2011 state budget. S-3000 closes an approximately $11 billion budget shortfall with no new tax increases through a series of spending cuts. The state budget is scheduled to be considered by the full New Jersey General Assembly and Senate on Monday, June 28, 2010 - two days before the constitutional deadline for the state budget to be formally adopted.
In addition, the Senate Budget and Appropriations Committee approved S-29, which reduces the amount that property taxes can increase from 4 percent a year to 2.9 percent with certain exceptions. This legislation must be considered by the full Legislature before being sent to Governor Chris Christie. The 2.9 percent cap in this legislation is different from the 2.5 percent cap proposed by the governor that would be created by a constitutional amendment with voter approval.
It is also important to note that legislation to extend the moratorium on the 2.5 percent non-residential development fee, A-3055, was also approved by the Assembly Budget Committee on June 24. The mortatorium on the fee, scheduled to expire on July 1, 2010, would be extended until October 30, 2010 if this legislation is approved by the Legislature and signed by Governor Christie
For updates on all of the aforementioned legislation, stay tuned to the NJAR® Week in Review e-newsletter and www.njar.com.
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