An associated press article in local newspaper today warns that property tax rebate checks for most New Jerseyans are in danger.

TARP is not working.

Paulson: Purchasing illiquid mortgage assets not effective use of TARP.

I thought that?s what TARP was for. Once again, nobody knows what is going on. This crisis is much greater than one can comprehend.

Good Luck!!

Higher Taxes are the only guarantee you'll get from Democraps - wait until Obama is President, then we'll all be sorry. The hysteria will wear off very quickly.

no tax rebate = instant huge tax increase - but not really, it's just that NJ cannot afford to give us our "gift bonus" this year. FIX THE TAXES and keep your freakin rebates!

NJ gov: Property Tax rebates not guaranteed

By ANGELA DELLI SANTI |
Associated Press Writer
November 11, 2008

TRENTON, N.J. - New Jersey Gov. Jon S. Corzine said property tax rebates for homeowners and renters could become a casualty of the faltering economy.

Asked whether he'd consider cutting rebates to help balance next year's budget, Corzine said he could offer no guarantees amid a dismal economic forecast and projected state budget deficit of between $2.5 billion and $4 billion.

"We're hopeful that we will be able to sustain it, but I can't promise anything in this environment," Corzine said Tuesday after attending the dedication of the state's World War II Memorial across the street from the Statehouse.

Corzine's comments came after last week's announcement by New York City Mayor Michael Bloomberg that $400 per homeowner rebates there would be discontinued.

"That's a decision we'll have to take for the next budget as opposed to this year since we've already distributed the rebates," Corzine said. "It's not really an open question for this budget season; it happens to be for his."

Corzine expressed concern over the worsening economy, but said New Jersey is in better shape than some other states because lawmakers cut $600 million in actual spending from the previous year's budget.

Those cuts included slashing the rebate program by $500 million. Under the scaled-back rebate program, households earning up to $100,000 received rebates averaging $1,115, the same as last year. Households between $100,000 and $150,000 got an average of $665 after getting $960 last year. Those between $150,000 and $250,000 got nothing after getting $745 last year. Renter rebates dropped from as much as $350 to $80.

Corzine said work on next year's budget has already begun, but said no cost-cutting decisions have been made.

"I'm hopeful we will be able to get through this with acceptable kinds of changes," said Corzine.

Some choices hinge on how New Jersey and the nation fare after federal economic stimulus money is distributed and whether and when there is a second wave of assistance.