Page-4 | Full text of Gov. Christie’s Fiscal Year 2013 Budget Address | Economy | -- Your State. Your News.

May 28th
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Full text of Gov. Christie’s Fiscal Year 2013 Budget Address

Last year, we were able to double that property tax relief over the prior fiscal year. Senior and disabled homeowners with incomes up to $150,000 received double the benefits of Fiscal Year 2011 – and they received it directly as a credit on their property tax bill. No more gimmicky checks from Trenton politicians at election time using borrowed money to try to buy your vote.

Non-senior homeowners with incomes up to $75,000 also saw their property tax relief double over the prior year.

In this budget, in addition to maintaining the benefits of the 2 percent cap, we are maintaining direct property tax relief at last year’s increased levels. There will be no cut in property tax relief in this budget.

Our business tax system is also a key to job growth. It too had gotten out of control. For example, we are one of only three states with both an inheritance tax and an estate tax – and our combined rates are among the highest in the nation. On the old path, people not only couldn’t afford to live in New Jersey, they couldn’t afford to die in New Jersey either.

Last year, I put before this body eight pro-growth tax reforms that would make new jersey more attractive for family-owned businesses, for small businesses and for job creation. I thank you for passing six of those eight reforms in the past year – joining me in an investment of almost $200 million in pro-growth tax relief. We’ve seen our best job growth year since 2000 after these tax cuts were implemented.

This year’s budget continues the phase-in of the tax cutting, job growth initiatives we enacted into law.

In its second year, we make a commitment of $350 million – half way to a total of $700 million that these measures will provide, when fully phased-in, of pro-growth small business tax relief. Small business has been the number one source of new jobs in New Jersey and in America. And these cuts will make us more attractive for small business job growth.

Let’s put New Jersey in an even better position to compete with other states for the jobs our people need.

Competing successfully will of course require more than tax cuts. We must also make investments that will make New Jersey even more productive in the future.

Last year, I offered a Transportation Capital Plan with combined resources of $1.6 billion per year. This program is a job-creator. New Jersey needs to ensure that its physical infrastructure is world-class, its role as a transportation hub unmatched.

So in this budget, consistent with my plan, I request $89 million to fund the Transportation Capital Plan. This investment will put even more of our hard working building trades men and women back to work.


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