Christie revives plan for tax cut
Last updated: Monday April 15, 2013, 7:17 AM
GEOFF MULVIHILL
Associated Press
New Jersey Gov. Chris Christie is reviving a tax-cut plan similar to one that floundered last year as the Democratic-controlled state Legislature fretted that the state would not have the revenue to support it.
Christie spells out his latest version of the plan in a conditional veto to be issued Monday of a bill that would raise the state’s earned-income tax credit for the working poor. The Associated Press obtained a copy of the conditional veto.
In the document, the Republican governor calls for doing what lawmakers wanted — increasing the state’s earned income tax credit to 25 percent of the federal level from the current 20 percent, where it’s been since Christie reduced it from 25 percent in 2010. But he also calls for implementing a bigger move aimed at the middle class and some higher earners.
At the end of a four-year phase-in, households earning up to $400,000 would receive an income tax credit equivalent to 10 percent of their property tax bill. The credits would be refundable and capped at $10,000. Last year, New Jersey homeowners paid had the nation’s highest average property tax bill of $7,900.
Qualifying homeowners would get a $100 credit for the second half of 2013, then 4 percent of their property taxes next year, 8 percent in 2015 and 10 percent in 2016 and thereafter.
The governor also calls for gradually increasing the refund for renters — currently $50 — to $200 by 2015.
https://www.northjersey.com/news/state/Christie_revives_plan_for_tax_cut.html
Already running for reelection.
yea who is going to get laid off now.