ShareThis

New Jersey Senate To Vote On Property...

New Jersey Senate To Vote On Property... New Jersey Senate To Vote On Property Tax Plan

NEW JERSEY (CBS) — The Trump tax plan limits the federal deduction for state and local taxes to $10,000, which amounts to a tax hike for many property owners in New Jersey.

On Monday, the state senate votes on bill that would provide a workaround.

“New Jersey’s a high-cost state, so more than 40 percent of people are going to see a tax increase,” said New Jersey Senate President Steve Sweeney

Sweeney says lawmakers have crafted a bill that would let filers still claim a deduction after paying their property taxes.

“We’re creating the framework of legislation that will enable towns to create charitable contributions, instead of property taxes, to different programs, whether it’s open space, schools, highway, roads, where they can deduct up to 90 percent of their contribution,” he explained.

Sweeney says nearly three dozen states have similar schemes in place, and although the IRS hasn’t weighed in on New Jersey’s plan, “If they don’t agree with what we’re doing, then they have a problem with the other 33 states.”

A Med Spa Nov 300X125


Author: http://philadelphia.cbslocal.com/2018/02/25/new-jersey-senate-to-vote-on-property-tax-plan/ --Molly Daly

Archives


Parking Space Dispute Leaves 3 Women Injured At Deptford Mall

South Jersey Magazine Digital Edition

New Jersey Lawmakers Propose Bill Allowing Dogs At Breweries

Route 55 In Washington Township Reopens After Shutting Down For Hours Due To Overturned Tractor-Trailer

1 Dead, 2 Injured Following 2 Vehicle Accident In Blackwood

FBI Officials Raid Atlantic City Mayor Frank Gilliam’s Home

Homeless Man In Alleged GoFundeMe Scam Waives Extradition Back To New Jersey

Millville Duplex Destroyed In Fire After Truck Slams Into Gas Line

Suspects Kill Dog, Restrain Mother And Young Sons In Millville Home Invasion

3 South Jersey Vape Shops Charged With Selling Nicotine Products To Minors

New Jersey Legislators To Host Key Vote On Legalizing Recreational Marijuana

New Jersey Allocating More Than $2 Million To Help Immigrants Facing Deportation

Turtles Washing Up ‘Cold-Stunned’ At Jersey Shore As Wintry Weather Arrives

Fifth Arrest Made In Connection With Murder Of Millville Youth Football Coach

Atlantic City Mayor, Councilman Being Investigated After Alleged Fight At Casino


More Articles