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  • NJ A2841
  • Increases gross income tax rate on income exceeding $1,000,000 and dedicates revenue from tax rate increase for direct real property tax relief for taxpayers.
Introduced
(2/16/2016)
In Committee
(2/16/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill increases the rate of the New Jersey gross income tax for taxpayers with taxable incomes exceeding $1,000,000 in taxable years beginning on or after January 1, 2016. The bill provides for adjusted income taxation at the following bracket at the following rate: over $1,000,000 is adjusted from 8.97% to 10.75%. The bill permanently imposes the tax rate at this $1,000,000 income bracket that was temporarily imposed during taxable year 2009. The bill also dedicates the gross income tax revenue collected from the "millionaires'" tax increase for annual real property tax relief to be provided directly to real property taxpayers. All income tax revenue collected from the increase in the gross income tax rate imposed on taxable income in excess of $1,000,000 will be deposited in a subaccount in the constitutionally established Property Tax Relief Fund. All revenue derived annually from the tax rate increase is pledged to be used annually for direct real property taxpayer relief. This subaccount, to be known as the Direct Taxpayer Property Tax Relief Fund, is the revenue and budget account that will ensure that direct tax relief continues to be funded from this source.
Not specified
Introduced, Referred to Assembly Appropriations Committee  (on 2/16/2016)
 
 

Date Chamber Action Description
2/16/2016 A Introduced, Referred to Assembly Appropriations Committee
Date Motion Yea Nay Other
None specified