Malone gives Republican response to windfall

Assembly Republican Budget Officer Joseph Malone (R-Bordentown) provided the first Republican statement in writing on the tax amnesty windfall revealed today.

Instead of using just the $400 million (Malone’s press release claims the number is actually $300 million) to restore some property tax rebates, Malone said that — combined with Republican-proposed budget cuts — the windfall could provide for a full restoration of the property tax rebate program.

“Republicans offered $783 million in ways to cut spending in the new budget, and they should be used with the amnesty funds to assist overtaxed homeowners,” he said.

Corzine and legislative leaders put off voting on the budget while they figured out how to work an extra $400 million in unanticipated funds into the budget. Assembly Budget Chair Lou Greenwald told reporters that he’s looking to at least partially restore rebates to households earning less than $75,000, and perhaps reinstitute the property tax deduction for households earning less than $200,000.

In a statement on Monday, Greenwald derided the Republicans’ proposed cuts as insignificant.

“Time and again, our colleagues on the other side lamented cut after cut after cut after cut. But they proposed cuts that wouldn’t even cover nine percent of the projected $9 billion budget gap – not even enough to paper over the cuts they railed against,” he said. Malone gives Republican response to windfall