The Fiscal New Year in New Jersey and IOUs in California

New Jersey begins its fiscal year today. FY 2010 will usher in a host of new taxes on cigarettes, alcohol, incomes, and insurance premiums. Here is the Star Ledger‘s rundown of what those hikes will look like for taxpayers.

California is issuing IOUs to its creditors and is now the state with the worst credit rating in the country, according to the Financial Times.