A 3201 - Increases the Income Tax Rate on Incomes Over $1 million - New Jersey Key Vote
Patrick Diegnan, Jr. voted Yea (Passage) on this Legislation.
Timeline
- Executive Vetoed
- July 2, 2012
- Senate Bill Passed
- June 28, 2012
- House Bill Passed
- June 25, 2012
- Introduced
- June 21, 2012
Related Issues
Stage Details
Title: Increases the Income Tax Rate on Incomes Over $1 million
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).
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).
Title: Increases the Income Tax Rate on Incomes Over $1 million