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On Monday, June 29, New Jersey Gov. Jon Corzine signed into law the 2010 state budget (A-4100) and related revenue bills. The new state budget that received no GOP support takes effect today.

The $29 billion state budget that was approved by both houses of the Legislature last week, according to the Star Ledger.

In the coming year residents will see tax increases on cigarettes, wine, hard alcohol and high incomes according to media reports. Economic factors involved in the decision making include a limping economy, rising property taxes and declining state revenues.

As far as homeowners go, the rich and the not so rich will get less while the poor and seniors can expect their regular share. Reportedly, the property tax rebate program also was scaled back to balance the new budget, with households earning more than $75,000 cut out altogether and rebate checks reduced for those earning between $50,000 and $75,000. A property tax deduction on incomes over $250,000 was also taken away in the new budget.

Reportedly, Corzine said he is following President Barack Obama’s leadership and building a bridge to tide over the lean phase.

The new state budget cuts spending by about $4 billion from the budget adopted this time last year, but it also relies on several one-shot revenue fixes, including federal stimulus money, funds from a tax amnesty program and state worker givebacks, according to the report.