Gov. Murphy pushes for tax on millionaires ahead of state budget

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HACKENSACK -

Gov. Phil Murphy says property taxpayers would get a $125 refundable credit on their income taxes under a plan he's proposing that includes imposing higher tax rates on millionaires.

Murphy in May first proposed using better-than-expected revenue proceeds this fiscal year to fund $250 million in property tax relief.

The proposal hinges on lawmakers also increasing income tax rates on those making more than $1 million.

RELATED: Gov. Murphy appears in ad pushing lawmakers to pass Millionaire’s Tax 

Murphy offered details of his plan for the first time Monday in Hackensack.

The relief Murphy proposes is just a fraction of the state's $8,767 average annual property tax bill.

It's not clear the proposal will go anywhere in the Democrat-led Legislature.

Senate President Steve Sweeney has already said he's opposed to raising taxes.

The Associated Press wire services contributed to this report.

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