Bloomberg Tax
Sept. 30, 2020, 2:20 PM

New Jersey Extends Highest Tax Rate to Millionaires (1)

Jamie Rathjen
Jamie Rathjen

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 ...