(TRENTON) – Governor Phil Murphy on Tuesday signed legislation (A-10) into law that will provide a much-needed tax break to hard-working, middle class families in New Jersey.
Under the new law sponsored by Assembly Speaker Craig Coughlin, nearly 700,000 middle class families will receive a rebate check totaling $500. Those eligible for the rebate include joint State Income Tax filers with a total taxable income of up to $150,000 and individual filers with a total taxable income of up to $75,000 who have dependent children. Additionally, as part of an agreement reached by Speaker Coughlin, Governor Phil Murphy and Senate President Steve Sweeney, the law will increase the tax rate on millionaires to 10.75%.
“I would like to commend the Governor and Senate President Sweeney for their work on behalf of working, middle class New Jerseyans and thank them for their continued partnership,” said Coughlin (D-Middlesex). “I am very pleased that we reached this important agreement on a law that will help middle class families, many of whom are struggling due to the COVID-19 pandemic. It is critically important that we stand up for those battling to put food on the table, pay bills and afford everyday necessities.”
The Speaker praised the Assembly Budget Committee and added, “I couldn’t have led these efforts without the support of the Assembly Leadership team, including budget committee chair Eliana Pintor Marin. I’m pleased we passed a budget that reflects our important shared values such as education and health care and provides fiscal responsibility during these unprecedented and challenging times.”
The Assembly Democratic Leadership team is comprised of:
Majority Leader Lou Greenwald (D-Camden, Burlington)
Budget Committee Chairwoman Eliana Pintor Marin (D-Essex)
Appropriations Committee Chairman John Burzichelli (D- Gloucester, Cumberland, Salem)
Speaker Pro Tempore Gordon Johnson (D-Bergen)
Conference Leader Annette Quijano (D-Union)
Majority Whip Nicholas Chiaravalloti (D-Hudson)
Policy Chairman Gary Schaer (D-Bergen, Passaic)