New Jersey's state Senate Budget Committee has approved an additional tax on income over $1 million to go toward tax cuts for lower-income homeowners.
A pair of bills would raise taxes on earnings over $1 million and use the $789 million in additional revenue to fund property tax relief for seniors and the disabled who earn up to $250,000 and other homeowners earning up to $100,000.
They were adopted without debate Thursday by the budget committee.
The Assembly's budget committee is also to take up the issue.
In both 2010 and 2011, New Jersey's Democrat-controlled Legislature passed a similar bill, only to see it vetoed by Gov. Chris Christie.
The Republican Christie has ridiculed the current version of the proposal.
Copyright AP - Associated Press
