State Budget Hearings Underway

State Budget Hearings Underway
In preparation for the Fiscal Year 2010 budget process, the New Jersey Senate and Assembly budget committees continue to meet while the remainder of the Legislature is on recess. The New Jersey Constitution mandates that a balanced budget be in place by July 1.
During this week's budget hearings, the nonpartisan Office of Legislative Services (OLS) revealed that state revenue will be $605 million less than what Governor Corzine projected last month in his budget address. OLS also released estimates that indicate the realty transfer fee will produce less revenue in fiscal years 2009 and 2010 combined than it yielded in 2006; the last year the fee was increased.
Reacting to the new revenue projections, NJAR® issued a press release explaining how the downturn in realty transfer fee collections shows that high taxes on real estate have a detrimental impact on the state economy.