STORM WATCH

Winds pick up as frigid air arrives in New Jersey this weekend.

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

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.

News 12 Staff

Jun 3, 2019, 3:59 PM

Updated 2,027 days ago

Share:

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.
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.