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  • NJ A1992
  • Raises the gross income tax rate on taxable income exceeding $1,000,000 to 10.75 percent for a temporary three-year-period and restores the State earned income tax credit to 25 percent of the federal credit.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill raises the gross income tax rate on taxable income exceeding $1,000,000 to 10.75 percent for a temporary three-year-period and restores the State earned income tax credit to 25 percent of the federal credit. The purpose of this bill is to raise revenue from high-income generating activities while maintaining supplemental income assistance for the working poor. The bill raises the gross income tax rate on annual income exceeding $1,000,000 to 10.75% for taxable years 2014, 2015, and 2016. The bill also increases the State earned income tax credit from 20 percent to 25 percent of the federal earned income tax credit for taxable years 2014 and thereafter.
Budget
Introduced, Referred to Assembly Budget Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Budget Committee
Date Motion Yea Nay Other
None specified