New Jersey is joining a growing list of jurisdictions that are willing to consider incremental taxes on the very wealthy. Last month, when we provided an update on the so-called millionaire’s tax in Massachusetts, we described the effort there that a coalition of five of the state’s most high-profile business groups had mobilized to stop the Fair Share Amendment from hitting the ballot in 2018. In August, we discussed similar movements in New York City and Washington.
On Oct. 4, 2017, the coalition fighting Massachusetts’ tax filed a lawsuit challenging the constitutionality of the state attorney general’s 2015 certification of the proposed Fair Share Amendment. Since then, the court issued its case schedule calling for the plaintiffs’ brief to be filed by Dec. 11, 2017. The defendants’ brief is due by Jan.y 12, 2018, and any reply brief by Jan. 26, 2018. Oral arguments are currently scheduled for Feb. 5, 2018.