On June 25, 2012, the New Jersey Legislature passed the 2013 fiscal year budget. The $31.7 billion state budget includes many of the provisions originally proposed by Gov. Chris Christie but it excludes a 10% cut in the personal income tax rates that were to be phased in over three years. As an alternative, the bill places $183 million in tax cuts on hold until January 2013, which would be used for property tax relief pending revenue growth in the state.
Click the link below to see a copy of S.B. 2013 as passed by the New Jersey Legislature on June 25, 2012:
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