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New Jersey Extends Highest Tax Rate to Millionaires (1)

Sept. 30, 2020, 2:20 PM

New Jersey’s highest income tax rate was extended to millionaires, when it previously applied to individuals earning more than $5 million per year, in a bill signed Sept. 29 by Gov. Phil Murphy (D), his office said.

The bill (A. 10) applies a 10.75% income tax rate on income of more than $1 million per year. Previously, the second-highest tax rate of 8.97% covered annual income of more than $500,000 to $5 million. A similar, temporary tax provision was previously in effect and expired in 2010, Murphy’s office said in a news release.

Because the changes are ...