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Tax

NEWS
July 1, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey lawmakers on Monday passed a measure recommended by Gov. Christie to increase a tax credit for the working poor that could boost the take-home pay of more than a half-million households. The move came after Christie rejected the Democratic-controlled Legislature's proposal to raise taxes on income exceeding $1 million. The Republican governor vetoed that bill Friday and instead proposed increasing the state's earned income tax credit (EITC) from 20 percent to 30 percent of the federal credit.
NEWS
July 1, 2015 | By Claudia Vargas, Inquirer Staff Writer
Philadelphia wrapped up its online tax-lien auction Monday. Details of the sale, which started Wednesday with a list of 911 liens worth $6.5 million, will be made public Tuesday, city spokesman Mark McDonald said. Revenue Commissioner Clarena Tolson and her office "want to analyze and review the data" first, McDonald said. More than 150 investors were registered to participate in the online auction of the liens on tax-delinquent properties. The city required a minimum bid of the full delinquent property-tax bill plus interest.
NEWS
June 28, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - Gov. Christie on Friday signed a $33.8 billion budget for the fiscal year that begins Wednesday, vetoing tax increases passed by the Legislature to fund the pension system but extending an olive branch to Democrats by proposing an increase in a tax credit for the working poor. Christie used his line-item veto authority to nix measures passed by the Democratic-controlled Legislature to raise taxes on income exceeding $1 million and on corporations, which Democrats said would have generated more than $1 billion in revenue.
NEWS
June 27, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey lawmakers passed a $35.3 billion budget Thursday along party lines that Democrats say makes a full contribution to the pension system for public workers, even as Gov. Christie is almost certain to veto the tax hikes that help fund it. Christie said on NJ 101.5's Ask the Governor program Thursday evening that the Legislature appeared to be adopting "another ridiculous budget. " Of the lawmakers, Christie said: "I think it's safe to say they have spent a lot of money that we don't have.
NEWS
June 26, 2015 | By Claudia Vargas, Inquirer Staff Writer
The city's auctioning of liens on tax-delinquent properties began Wednesday morning with what officials said was a quiet but promising start. More than 150 investors registered to participate in the online auction of 900-plus tax liens, all of which have a minimum bid requirement of the full delinquent property-tax bill plus interest. The liens are for property-tax bills that have gone unpaid for from two to 20 years. If successful, the sale of those liens could generate millions of dollars in city revenue.
NEWS
June 25, 2015 | By Claudia Vargas, Inquirer Staff Writer
At the eleventh hour, several community and nonprofit groups are crying foul over the city's plan to auction 938 tax liens - in an online endeavor that is to begin Wednesday and end Monday - in the hope of collecting millions of dollars in unpaid property taxes and related fees. The sale is for control of a tax lien - essentially a claim attached to commercial and residential properties and vacant lots with unpaid real estate taxes, not the property itself. The auction is a pilot program that could result in other lien sales, according to the Nutter administration.
NEWS
June 24, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Democrats on Monday unveiled the broad contours of the budget they will submit to Gov. Christie, saying they would make a full contribution to the underfunded pension system by raising taxes on businesses and the state's highest earners. Christie, a Republican who says he will announce whether he is running for president by the end of the month, has vowed not to raise taxes. The state constitution requires the Legislature to pass, and the governor to sign, a balanced budget by next Tuesday.
NEWS
June 20, 2015 | By Tricia L. Nadolny, Inquirer Staff Writer
City Council passed a package of tax increases Thursday that will hit a wide swath of the city's taxpayers while taking in an additional $70 million for the Philadelphia School District. Under the biggest piece of the plan - a 4.5 percent property-tax increase - the owners of a house assessed at $150,000 would see their tax bill go up $72 per year. Mayor Nutter signed the tax increases, as well as the city's annual operating budget, soon after Council approved them. He said the additional school funding was badly needed but still did not fill the district's deficit, leaving the burden to Harrisburg.
NEWS
June 15, 2015 | By Kathy Boccella and Cat Coyle, Inquirer Staff Writers
Joe Rooney, a Delta Air Lines pilot who is raising five kids in Abington Township, is about to get a higher tax bill, and he isn't particularly happy about it. "We are not bringing in enough money for the spending we are proposing," said Rooney, whose annual $3,922 property-tax bill on his Maple Avenue home stands to increase by $113 as of July 1. Rooney, who is running for school board, believes the Abington School District hasn't done enough...
NEWS
June 12, 2015 | By Tricia L. Nadolny, Inquirer Staff Writer
City Council set the stage Wednesday for a wave of tax increases designed to produce $70 million for the cash-strapped Philadelphia School District. But the plan still falls far short of the district's $103 million funding request, and it appears to come with strings attached. Council plans to hold $25 million of the projected $70 million in its own budget - because it isn't keen on the district's plan to possibly outsource the hiring of substitute teachers and nurses, a move that has angered unionized teachers and their political allies.
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