TRENTON – Senator Barbara Buono, a member of the Senate Budget and Appropriations Committee, today made the following comments after attending Governor Corzine’s bill-signing ceremony for S-3000, the budget measure for the fiscal year beginning July 1.
“This budget provides record property tax relief for homeowners and economic incentives for businesses in New Jersey.
“The $16.8 billion in property tax relief -half the total budget – and $275 million in business tax cuts shows we’re serious about helping families and generating economic growth in New Jersey.
“We built this budget on the principles that working families need our help in getting quality schools for their children and an economic climate that will help them stay and thrive here.
“The business community is well served by the sunset on the alternative minimum assessment, the complete restoration of the net operating loss deduction and the elimination of the S-Corporation surcharge.
“We need a new school aid formula, but this budget does provide the largest school aid increase statewide – $582 million – in over seven years. It’s good that the increased school aid includes $105.5 million for non-Abbott districts and $93 million in additional aid to more than 200 non-Abbott districts with high percentages of low-income students and schools with full-day kindergarten.”
Senator Buono, D-Middlesex, represents the 18th Legislative District.