The Democrat-backed plan raises the income tax rate by nearly 2 percentage points on the state's 16,000 richest taxpayers. Only income over $1 million would be taxed at the higher rate, 10.75 percent.
Separate legislation appropriates the $789 million in additional revenue to Homestead rebates, the tax relief program for low-income property owners, disabled residents and the elderly.
Republican Gov. Chris Christie has vetoed a millionaires tax twice before and promises to do so again.
GOP Assemblyman Jay Webber called the Democrats' one-trick ponies for trying to enact the tax again. But Assembly Budget Committee chairman Vincent Prieto says Democrats are thoroughbreds looking out for the middle-class.
