N.J. Governor Signs SALT Workaround, Vetoes Property Tax Bill

New Jersey Gov. Phil Murphy (D) on Monday signed into law a workaround to the federal cap on deductions for state and local taxes and vetoed a bill that would have let some school districts exceed a state property tax cap.

Murphy took action on the tax measures as the state Legislature wrapped up a lame-duck session and prepared for his annual State of the State address to start the new session on Tuesday. In his veto message, he urged lawmakers to enact his proposal for a state millionaire’s tax—a surtax on high-income individuals—rather than rush to exempt revenue-strapped ...