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No Negotiations on Millionaire’s Tax, NJ Senators Say

New Jersey senate leaders say they’re not in negotiations with the Assembly to reinstate a tax on millionaires as part of a property tax credit plan.

State Senate President Steve Sweeney (Kevin McArdle, Townsquare Media)

Senate President Steve Sweeney and Sen. Jeff Van Drew said Wednesday that they favor reinstating the tax. But the two say that should be separate from property tax credit legislation.

Assembly Democrats have called for a 20 percent property tax credit targeted at low- and middle-income homeowners. They want to reinstate the millionaire’s tax as part of the plan.

Senate Democrats have called for a similar, 10 percent credit. But their plan doesn’t include the millionaire’s tax.

Republican Gov. Chris Christie has vetoed the tax in the past and promised to do so again. He’s instead called for a 10 percent income tax cut.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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