On June 29, 2012, New Jersey Governor Gov. Chris Christie signed the fiscal year 2013 state budget that includes many of the provisions contained in his budget proposal (TAXDAY, 2012/02/23, S.21 ), but excludes a 10% cut in gross (personal) income tax rates to be phased in over three years. Instead, the bill places $183 million for a tax cut in escrow until January 2013, which would be used for property tax relief pending revenue growth in the state.
S.B. 2013 , Laws 2012, effective July 1, 2012; Press Release, New Jersey Gov. Chris Christie, June 30, 2012