Vetoed by Governor Chris Christie

Vote Smart's Synopsis:

Vote to pass a bill that increases the gross income tax rate on incomes exceeding $1 million for taxable year 2010.

Highlights:

-Establishes that for the taxable year 2010 married individuals filing a joint return and individuals filing as head of household or surviving spouse, whose taxable income is over $1 million, a tax of $72,657.50 plus 10.75 percent of the excess over $1 million (Sec. 1). -Establishes that for the taxable year 2010 married individuals filing separately, unmarried individuals, and estates and trusts whose taxable income is over $1 million, a tax of $74,573.75 plus 10.75 percent of the excess over $1 million (Sec. 1). -Prohibits additions to tax or penalties for insufficient payments of estimated taxes that may otherwise be due on salaries, wages, and other remuneration received before October 1, 2010 upon which there is a rate of tax described above (Sec. 1). -Prohibits employers that make payments of any salaries, wages, and remuneration for employment under the New Jersey unemployment compensation law from being subject to interest, penalties, or other costs that may otherwise be imposed for insufficient withholding of salaries, wages, and other remuneration made before October 1, 2010 (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that increases the gross income tax rate on incomes exceeding $1 million for taxable year 2010.

Highlights:

-Establishes that for the taxable year 2010 married individuals filing a joint return and individuals filing as head of household or surviving spouse, whose taxable income is over $1 million, a tax of $72,657.50 plus 10.75 percent of the excess over $1 million (Sec. 1). -Establishes that for the taxable year 2010 married individuals filing separately, unmarried individuals, and estates and trusts whose taxable income is over $1 million, a tax of $74,573.75 plus 10.75 percent of the excess over $1 million (Sec. 1). -Prohibits additions to tax or penalties for insufficient payments of estimated taxes that may otherwise be due on salaries, wages, and other remuneration received before October 1, 2010 upon which there is a rate of tax described above (Sec. 1). -Prohibits employers that make payments of any salaries, wages, and remuneration for employment under the New Jersey unemployment compensation law from being subject to interest, penalties, or other costs that may otherwise be imposed for insufficient withholding of salaries, wages, and other remuneration made before October 1, 2010 (Sec. 1).

Full Bill Text