TRENTON – As he promised, Gov. Chris Christie issued his conditional veto of the millionaire’s tax, A3201, and reworked it into a tax-relief plan for the Legislature to enact.
But the Democratic-controlled Legislature left the Statehouse today without acting on the governor’s call.
Here are the details of the CV:
He placed amendments in the bill to provide residents with incomes of $400,000 or less an income tax credit equal to 10 percent of their property tax bill, up to $1,000 when fully phased in after four years.
Under the proposal Christie sent to lawmakers, the income tax credit would have meant a savings of $775 for an average family;
Net profits from a business or trade – derived from Schedule C income – would not count against the income tax cap;
About 80,000 additional families would have been helped through these changes.
After it was phased in, tenants would have received $200 a year in tax deductions, up from $50.
In addition, restoration of the earned income tax credit would have been implemented for tax year 2013, with the average family receiving a benefit of $550.
In addition, he vetoed A3202, which would have made a supplemental appropriation of $800 million for the Homestead Benefit program to provide property tax relief.