(TRENTON) – Governor Phil Murphy on Tuesday signed legislation (A-10) into law sponsored by Assemblyman Thomas Giblin (D-Essex, Passaic) that will provide a much-needed tax break to middle class families in New Jersey. The measure is also sponsored by Assembly Speaker Craig Coughlin (D-Middlesex).
Under the new law, 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. The law will increase the tax rate on millionaires to 10.75%.
Assemblyman Giblin released the following statement:
“New Jersey entered this year with a booming economy, low unemployment rate and the promise of a State budget that would continue building our surplus for a ‘rainy day’. Little did we know that rainy day would arrive in the form of a global pandemic that would claim that lives of thousands of New Jerseyans, collapse our economy and leave our State’s finances in dire straits.
“It’s times like these we all need to come together for the common good. In a COVID-19 reality, that means implementing a standard of tax fairness so that middle class families can find relief. This law will benefit thousands of families in their time of need.”