Assembly Speaker Joseph Roberts (D-Camden) called the discovery of about $400 million in unanticipated tax amnesty revenue today "great news," and said that legislators will start working it into the budget that was originally expected to be passed today.
Roberts said that the Assembly Budget Committee will meet Monday to discuss how to use the money to restore property tax relief, and he expects the assembly to vote on the final budget package next Thursday.
“Considering this development, it would be imprudent to advance budget bills today now that we can responsibly improve them,” he said.
Roberts also lauded his own party for creating the tax amnesty program.
“This development again shows how New Jersey Democrats have indeed been ahead of the curve in responding to this economic crisis. Those who criticized this program and never offered an alternative must now confront the reality that this was the nation’s most successful tax amnesty program and a smart and sensible policy,” he said.
Tax amnesty legislation has been signed by previous Democratic and Republican administrations. In 1996, Republican Gov. Christie Whitman signed a tax amnesty law that took in $369 million