Tepper Returns to High-Tax New Jersey at $120 Million Tab (1)

Billionaire David Tepper has returned to New Jersey -- a move that may cost him $120 million in state income taxes this year.

Tepper, 63, moved back to the Garden State in January for family reasons, people familiar with the matter said. Last year, he married a long-time New Jersey resident.

David Tepper

Photographer: Jacob Kupferman/Getty Images

Tepper had been living in Miami for the past five years. His return to one of the highest-taxing U.S. states comes as other wealthy individuals have said they are relocating to Florida and Texas, which have no state income taxes.

New Jersey Senate President Steve Sweeney disclosed ...