Christie Looking To End NJ/PA Tax Credit
by Dan Wing
PHILADELPHIA (CBS) -- An income tax hike could be on the way for New Jersey residents that work in Philadelphia.
Earlier this week Governor Christie ordered the state treasurer to work with the Attorney General to look into ending a decades old reciprocal tax credit between New Jersey and Pennsylvania.
The credit allows residents that pay income or wage taxes to another jurisdiction outside of the Garden State to only pay those taxes, and not any to the state of New Jersey.
Steven Swartz is an accountant with the Gold Gerstein Group, and he says this is bad news for many NJ residents.
"It would probably affect a lot of people who work in the city of Philadelphia, because they would pay double taxes - the city and the state," he said.
While Christie has the treasurer and attorney general looking into how ending the credit would work, and the benefits to the state, any action could be a ways off.
