Gov. Signs Income Tax Increase

New Jersey Gov. James McGreevey signed New Jersey's first income tax increase in 14 years into law Monday.

Surrounded by senior citizens outside Trenton's War Memorial, McGreevey explained the higher tax on those who earn more than $500,000 will provide property tax relief.

The governor says the higher tax is not a cure all. But he says it's another opportunity to have middle-class families and seniors hold onto their homes.

About 415,000 seniors will see their state rebate checks nearly double to $1,200.

Rebates for about $1 million middle-class families would increase to a maximum of $800.

Author: NBC10/AP