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Below is a snapshot of key features of New Jersey's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $67.5 billion
- General Revenue as a Share of Income: 15.4%
- Tax Revenue: $51.1 billion
- Tax Revenue as Share of income: 11.7%
- Personal Income Tax (Share of Tax Revenue): 20.2% (31 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 4.0 % ( 10 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 22.4 % ( 45 out of 51)
- Property Tax (Share of Tax Revenue): 48.4 % ( 2 out of 51)
- Other Taxes (Share of Tax Revenue): 3.8 % (34 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 1.4% - 8.97%
- Standard Deduction: None
- Personal Exemption: $1,000
- Dependent Exemption: $1,500
- Earned Income Tax Credit (EITC): 20% Refundable
Corporate Income Tax Features (2012)
- Range of Tax Rates: 9.00%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 0
- Apportionment Factor (Property): 0
- Apportionment Factor (Sales): 100%
Sales Tax Features (2012)
- State Sales Tax Rate: 7.00%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 7.00%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 11 out of 168 surveyed
- Streamlined Sales Tax Membership: Full
Property Tax Features (2012)
- Provides a circuit breaker for homeowners and renters of all ages
- Comparatively high property taxes.
- Property taxes capped at 2%.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.145
- Diesel Tax Rate (per gallon): $0.175
- Cigarette Tax Rate (per pack): $2.70
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $280
Tax Policy Oversight
- Tax Expenditure Report: Yes, but excludes at least one major tax
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated October 4, 2012
Sources & Glossary
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