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Key Votes

A 3201 - Increases the Income Tax Rate on Incomes Over $1 million - Key Vote

New Jersey Key Votes

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Issues

Stage Details

Legislation - Vetoed (Conditional Veto) (Executive) -

Title: Increases the Income Tax Rate on Incomes Over $1 million

Legislation - Bill Passed (Senate) (24-16) - (Key vote)

Title: Increases the Income Tax Rate on Incomes Over $1 million

Vote Smart's Synopsis:

Vote to pass a bill that increases the gross income tax rate on annual incomes exceeding $1 million from 8.97 percent to 10.75 percent.

Highlights:
  • Increases the tax rate for individuals with incomes over $1 million who are married and are filing jointly, heads of household, or filing as a surviving spouse as follows for taxable years beginning on or after January 1, 2012 (Sec. 1):
    • Existing law:
      • $27,807.50 plus 8.97 percent of the amount over $500,000.
    • New law:
      • $72,657.50 plus 10.75 percent of the amount over $1 million.
  • Increases the tax rate for individuals with incomes over $1 million who are single or married filing separately, and for estates and trusts with incomes over $1 million, as follows for taxable years beginning on or after January 1, 2012 (Sec. 1):
    • Existing law:
      • $29,723.75 plus 8.97 percent of the excess over $500,000.
    • New law:
      • $74,573.75 plus 10.75 percent of the excess over $1 million.
  • Specifies that this act will be effective immediately, but will remain inoperative until the enactment of A 3202 or S 2096 (Sec. 2).
Legislation - Bill Passed (House) (47-31) - (Key vote)

Title: Increases the Income Tax Rate on Incomes Over $1 million

Vote Smart's Synopsis:

Vote to pass a bill that increases the gross income tax rate on annual incomes exceeding $1 million from 8.97 percent to 10.75 percent.

Highlights:
  • Increases the tax rate for individuals with incomes over $1 million who are married and are filing jointly, heads of household, or filing as a surviving spouse as follows for taxable years beginning on or after January 1, 2012 (Sec. 1):
    • Existing law:
      • $27,807.50 plus 8.97 percent of the amount over $500,000.
    • New law:
      • $72,657.50 plus 10.75 percent of the amount over $1 million.
  • Increases the tax rate for individuals with incomes over $1 million who are single or married filing separately, and for estates and trusts with incomes over $1 million, as follows for taxable years beginning on or after January 1, 2012 (Sec. 1):
    • Existing law:
      • $29,723.75 plus 8.97 percent of the excess over $500,000.
    • New law:
      • $74,573.75 plus 10.75 percent of the excess over $1 million.
  • Specifies that this act will be effective immediately, but will remain inoperative until the enactment of A 3202 or S 2096 (Sec. 2).
Legislation - Introduced (House) -

Title: Increases the Income Tax Rate on Incomes Over $1 million

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