Andrew Sidamon-Eristoff In politics, being seen to do something is almost as important as actually doing it. So it was perhaps inevitable that aggrieved blue-state leaders in California, New York, and now New Jersey would push half-baked ideas for thwarting or working around the recent federal tax bill’s “devilish” limitation on state and local tax (SALT)… Read the rest of this entry »Posted: February 12th, 2018 | Author: admin | Filed under: New Jersey, Opinion | Tags: Andrew Sidamon-Eristoff, New Jersey, Opinion, SALT deduction | 1 Comment »
Murphy claims bi-partisan support for property tax/charity scheme. Republicans disagree, call for NJ reforms
Marlboro, NJ-With Belmar Mayor Matt Doherty looking like Chris Christie standing behind Donald Trump on Super Tuesday — and four other Democrat mayors standing behind him, Governor Phil Murphy today declared he had bi-partisan support for his plan to have the state’s municipalities set up charities to accept donations in lieu of property taxes. Murphy said that the recent income tax reform passed by Congress and signed into law by President Trump is a tax increase on New Jersey’s middle class. The scheme he is proposing would, if allowed by the IRS, reverse the impact of the tax reform law’s $10,000 cap on the state and local tax (SALT) deduction.Art Gallagher | Filed under: Monmouth County News, New Jersey, Phil Murphy | Tags: Belmar Mayor Matt Doherty, Chris Christie, Congressman Leonard Lance, Declan O'Scanlon, Donald Trump, Governor Phil Murphy, Income taxes, Jon Hornik, Matt Doherty, Monmouth County News, New Jersey, NJ Property Taxes, SALT deduction, Sen. Joe Pennacchio, Senator Declan O'Scanlon, Shaun Golden, Sheriff Shaun Golden | 2 Comments »
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.Art Gallagher | Filed under: Monmouth County News, New Jersey, Phil Murphy | Tags: Governor Phil Murphy, Marlboro Mayor Jon Hornik, Monmouth County News, New Jersey, Property Tax, SALT deduction | 12 Comments »
New Jerseyans who rushed to pay their 2018 property taxes before Dec. 31 won’t be able to deduct the expense from their 2017 state income taxes, the New Jersey Society of CPAs advised Thursday. While the IRS issued instructions last month that some 2018 prepayments are deductible from federal income taxes in 2017 if you’ve already… Read the rest of this entry »Posted: January 11th, 2018 | Author: admin | Filed under: New Jersey | Tags: New Jersey, New Jersey income taxes, SALT deduction, State and local taxes | 2 Comments »
Mayor Jonathan Hornik asks Marlboro Council to support legislation allowing property taxes payments as charitable contributions
Marlboro Mayor Jonathan Hornik is asking the Township’s Council to support Governor-elect Phil Murphy’s proposal to allow New Jersey residents to make charitable contributions in lieu of property taxes as an end around the tax reform legislation passed by Congress and signed into law by President Trump last year. The new federal tax law limits the deduction for State and Local Taxes (SALT) to $10,000.Art Gallagher | Filed under: Jon Hornik, Marlboro, Monmouth County News, Phil Murphy | Tags: Federal Tax Reform, Governor-elect Phil Murphy, Marlboro Township, Monmouth County News, Phil Murphy, Property taxes as charitable contributions, SALT deduction | 4 Comments »