Middle class tax cuts that will reduce tax rates for millions of hardworking taxpayers and the two-percent property tax cap highlight new state laws that will go into effect on January 1, 2012.
The recently enacted tax cuts will reduce tax rates on middle class taxpayers to their lowest levels in more than 50 years (Chapter 55, L.2011). About 4.4 million middle class taxpayers will receive a total of $690 million in personal income tax relief.
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