Governor Phil Murphy will be in Marlboro Township on Friday for a press conference about his scheme to allow property tax payments to be classified as charitable contributions for federal income tax purposes.
The tax reform law passed by Congress and signed by President Trump last December limited the deduction for state and local taxes to $10,000. All members of the New Jersey Congressional Delegation, with the exception of Rep. Tom MacArthur (R-NJ3) voted against the measure.
Murphy’s plan would allow NJ residents to make charitable contributions to their municipal governments in lieu of property tax payments, in order to keep the federal deduction.
U.S. Treasury Secretary Steve Mnuchin has called the scheme “ridiculous,” and the IRS has yet to rule on the matter, according to published reports.
The Governor’s press conference will be held at Marlboro Town Hall, 1979 Township Drive, at 10 a.m.Click here for reuse options!
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