New Jersey ~ Multiple Taxes: Governor Signs FY 2013 Budget, Delays Tax Cuts

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



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