NJ Gov. Murphy and the state Legislature have agreed to compromise on a tax cut for seniors. The tax cut would slash taxes by half for homeowners who are 65 years or older — but the compromise would exclude wealthier homeowners.
Assembly Speaker Craig Coughlin is sponsoring a bill that would restrict the tax cut to $10,000. The new agreement would lower the cap on the tax cut to $6,500, but that would rise as property taxes rise in future years.
So that means someone who pays $13,000 in property taxes or less would get the entire reduction. Those who pay more property taxes would get the maximum of $6,500. Murphy’s chief concern about the tax cut was that it included wealthy homeowners. The compromise struck over the weekend would now exclude individuals or couples who earn more than $500,000 a year.
An administration official says the compromise also includes more help for renters and establishes a commission that will come up with recommendations on how to run StayNJ, the senior tax cut.Kyle Mazza/SOPA Images/Shutterstock "Ask Governor Murphy” — your chance to present questions to New Jersey’s governor live, on-air — returns tonight,
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