New Jersey reaped $1.6 billion in revenue from a tax break crafted to ease the pain of the $10,000 federal cap on individuals’ deductions for state and local taxes.
Tax collections from the Pass-Through Business Alternative Income Tax, which was enacted a year ago, rose $594.9 million, or 61.2% over the previous December, according to data released by the New Jersey Department of Treasury on Friday.
The fresh numbers come as Gov. Phil Murphy (D) is poised to sign a bill that will expand the benefit that individuals receive from the elective tax on ...