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Key Votes

A 10 - Increasing Income Tax Rate on Income Exceeding $1 Million - Key Vote

New Jersey Key Votes

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Note

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Stage Details

Legislation - Vetoed (Executive) -

Title: Increasing Income Tax Rate on Income Exceeding $1 Million

Legislation - Bill Passed (Senate) (23-17) - (Key vote)

Title: Increasing Income Tax Rate on Income Exceeding $1 Million

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).
Legislation - Bill Passed (House) (46-32) - (Key vote)

Title: Increasing Income Tax Rate on Income Exceeding $1 Million

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).
Legislation - Introduced (House) -

Title: Increasing Income Tax Rate on Income Exceeding $1 Million

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