News & Analysis as of September 22, 2024

Income Taxes › Governor Murphy

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Payback, New Jersey Style

Blank Rome LLP on 8/18/2023

On July 21, 2023, New Jersey Governor Phil Murphy signed into law retaliatory tax legislation aimed directly at its neighbor, New York. Assembly Bill No. 4694. The rule in the majority of states, including the rule in New...more

New Jersey Is Planning To Raise $390 Million In Fiscal Year 2021 through Tax Hikes On Millionaires

Cole Schotz on 9/21/2020

New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5...more

New Jersey Makes Sweeping Changes To Independent Contractor Laws- UPDATED June, 2020

McCarter & English, LLP on 6/10/2020

New Jersey Governor Phil Murphy last week signed into law several bills aimed at combating the misclassification of workers as independent contractors rather than as employees. The new enactments expand the authority of the...more

NJ Passes New Workaround Rule for SALT Deductions

Flaster Greenberg PC on 1/30/2020

On January 13, 2020, New Jersey Governor Phil Murphy signed into law the “Pass-Through Business Alternative Income Tax Act” (the Workaround Act). The Workaround Act establishes an elective entity level tax on an individual’s...more

Top New Jersey tax changes in the 2018 budget deal

Eversheds Sutherland (US) LLP on 7/6/2018

In a last-minute deal to avert a government shutdown, New Jersey Governor Phil Murphy and the New Jersey Legislature cobbled together a budget with numerous amendments to New Jersey’s tax law. Below is a summary of some of...more

Governor Murphy’s 2019 Budget: What You Need To Know About The Latest Round Of Tax Hikes

Cole Schotz on 7/5/2018

It was no secret that Governor Murphy ran on a platform heralding an aggressive spending plan of $37.4 billion to fund a lengthy list of entitlements such as hospital and prescription aid, opioid addiction treatment, free...more

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