The New Jersey Legislature, on July 25, 2012, passed a fiscal year 2013 $31.7 billion state budget that includes many of the provisions proposed by Gov. Chris Christie (TAXDAY, 2012/02/23, S.21)) but excludes a 10% cut in gross (personal) income tax rates to be phased in over three years. Instead, the bill places $183 million for a tax cut in escrow until January 2013, which would be used for property tax relief pending revenue growth in the state.
S.B. 2013 as passed by the New Jersey Legislature, July 25, 2012