STATE – Gov. Jon Corzine’s draconian budget proposal has drawn a lot of criticism, but the most controversial component was the plan to eliminate the property tax deduction on the state income tax for most New Jersey residents.
Realizing that his budget had little chance of passing with that proposal intact, last week the Governor announced that he’d restore the tax deduction for residents earning less than $150,000 per year.
“Given the circumstances, allowing people to maintain their property-tax deduction is the right thing to do and will help ease the pain for those being squeezed the most,” Senate President Richard J. Codey (D-Essex) said.