NJ GOVERNOR CHRISTIE VETOES INCOME TAX INCREASE

On behalf of David Whitlock at Whitlock Canter LLC

NJ Governor Christie Vetoes Income Tax Increase on Millionaires and Restoration of Property Tax Rebate for Low-Income Seniors (May 24, 2010)

New Jersey Gov. Chris Christie has vetoed legislation that would have temporarily increased the gross income tax rate on taxable income exceeding $1 million from 8.75% to 10.75% for the 2010 taxable year. A similar temporary tax rate on high income taxpayers for the 2009 taxable year expired at the end of last year. The measure passed both houses of the General Assembly on May 20, 2010, and was vetoed by the governor on the same day. The governor also vetoed a companion bill that restored funding for the homestead property tax rebate available to low-income senior citizen and disabled homeowners.