New Jersey Tax Changes

Published on October 24, 2016.

 

Gas Tax Increase:  On October 14, 2016, Governor Christie signed a bill raising the gasoline tax 23 cents per gallon.  This gas tax hike, along with other related fuel taxes, will generate $1.23 billion in annual revenue used primarily for a $16 billion transportation program.  This is effective November 1, 2016.

Sales Tax:  The sales tax is being reduced from 7% to 6.875% as of January 1, 2017 and 6.625% as of January 1, 2018.

Pension Exclusion:  Effective January 1, 2017, the annual exclusion of pension and retirement income will increase over a 4-year period to $100,000 for married filing jointly, $75,000 for single filers and $50,000 for those filing married filing separately.

Estate Tax Repeal:  Effective January 1, 2017, New Jersey will no longer tax estates under $2 million.  The tax goes away permanently January 1, 2018.  This tax elimination is designed to keep more taxpaying residents from moving out of state.

Quick Contact

If you would like a representative to discuss how we can help you, please fill out the form below or click here for contact information.