Legislature passes $31.7 billion budget

TRENTON – The Assembly passed the FY2013 budget by a vote of 48-31-0.

The budget, S2013/A3200, appropriates $31.74 billion in state funds and $12.36 billion in federal funds  for fiscal year 2012-2013. S2013, passed earlier in the day by the Senate, was substituted for the Assembly version.

The plan appropriates $404 million less than initially proposed by the governor during his February budget address and $62 million less than the May revision.  It fully restores the Earned Income Tax Credit, which had been reduced by the governor two years ago. 

Assembly Majority Leader Lou Greenwald said, “We have invested in trickle-down economics. It hasn’t materialized.”

The budget passed along straight party lines, with Republicans opposing and Democrats voting in favor.

 Assemblyman Vincent Prieto (D-32) of Secaucus, said the budget includes a tax relief program that would benefit the most vulnerable residents.

“In this budget, we’re restoring the Earned Income Tax Credit,” he said in a statement. “The Earned Income Tax Credit is for the people that make very little money in the State of New Jersey and they actually get money back instead of having to pay, you know, taxes.  It was cut out two years ago and it was reduced to 20 percent.

“We’re bringing it up to full 25 percent and it’s real relief to this working class of the State of New Jersey that needs relief today,” he said.

Legislature passes $31.7 billion budget