|
|
Article: Tax deduction plan may be more than N.J. can afford.(New Jersey property tax deduction)
- Article from:
- The Bond Buyer
- Article date:
- February 5, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
A proposed property tax deduction plan in New Jersey backed by Gov. Christine Todd Whitman would have cost state coffers about $176 million in fiscal 1996 and would cost $187 million in fiscal 1997 - money that credit analysts say the state would have a hard time replacing.
Whitman endorsed the deduction plan, proposed by state Senate President Donald T. DiFrancesco, R-Scotch Plains, in her budget address last week.
While the plan is not in Whitman's budget for fiscal 1997, which begins July 1, legislative Republicans said the measure could be enacted before fiscal 1998.
Meanwhile, rating agency officials said the plan would be difficult to pay for. ...