New Jersey Senator Introduces Millionaire's Tax Bill
New Jersey Senator Shirley Turner (District 15) has introduced legislation that would increase the gross income tax rate on income exceeding $1,000,000 and dedicate revenue from tax rate increase for direct real property tax relief for taxpayers.
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 Jan. 1, 2020, from 8.97 percent to 10.75 percent.
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.
View the bill