Christie calls for property tax write-off on state returns
Gov. Chris Christie says that he is proposing allowing letting New Jersey taxpayers write off their property taxes on state returns in light of Congress' newly passed tax package.
The governor said Wednesday at a Trenton news conference that his administration estimates the cost would be from $150 million to $170 million.
He stopped short of saying he would push the measure in his remaining time. He leaves office Jan. 16.
“If they want to do it with me between now and Jan. 16, I’d be happy to consider doing that,” Christie said.
The GOP-led Congress on Wednesday passed the $1.5 trillion tax overhaul, sending it to President Donald Trump.
The measure ends the unlimited federal deduction for state and local income and sales taxes, allowing the deduction only up to $10,000.
But the average property tax bill in New Jersey is $8,500, meaning that many New Jerseyans are paying more than the $10,000 cap.
New Jersey has the highest property taxes nationwide.
Christie said that the proposal would cost the state between $150 million and $170 million in revenue.
Senate President Steven Sweeney says that he is interested in the idea.
“I don’t know if we do it right now or we do it with Gov. Murphy. But I’m looking at it real hard right now,” Sweeney says.
Gov.-elect Phil Murphy has been a vocal opponent of the new tax law, but he has not said whether he would support a state write-off to replace the federal one taken away.
Christie says that he believes if the unlimited property tax deduction is lost, it will hurt property values in the state.
The Associated Press wire services contributed to this report.