McKEON: GOVERNOR PASSES UP MORE IMMEDIATE INCOME TAX RELIEF & COLLEGE SAVINGS HELP FOR WORKING FAMILIES

(27th LEGISLATIVE DISTRICT) – Assemblyman John F. McKeon on Wednesday noted how Gov. Chris Christie is pushing large income tax cuts for the wealthiest New Jerseyans yet denying more immediate income tax help and college savings help to New Jersey families.
“This is a clear example of the governor’s misguided priorities,” said McKeon (D-Essex/Morris). “The governor could have delivered quick and targeted income tax relief for working families while encouraging college savings, but instead he focuses on income tax cuts that benefit the wealthy. This is disappointing, yet unfortunately it’s also to be expected from this governor.”
The governor pocket vetoed McKeon’s bill (A-3337 from the 2010-11 legislative session) to allow income tax deductions for amounts contributed to the New Jersey Better Educational Savings Trust (NJBEST) Program.
The bill would have allowed a gross income tax deduction of up to $10,000 annually for married couples filing jointly, or $5,000 annually for other taxpayers, for contributions to one or more NJBEST accounts.
NJBEST is New Jersey’s IRC Section 529 qualified college savings program.
“The focus needs to be on helping the families who under this governor are struggling to make ends meet, not on providing tax cuts that benefit the wealthy,” McKeon said. “The governor missed the chance to do the right thing for hard-working families who worry each and every day how they’re going to afford a better future for their children.”