About 2 million New Jersey taxpayers could receive a one-time $125 credit on their income tax returns next year if the Legislature agrees to raise taxes on millionaires, according to details Gov. Phil Murphy announced Monday.

“It is clear tax fairness equals property tax relief. But this direct property tax relief simply cannot happen unless we find the courage to ask the wealthy among us to pay their fair share," Murphy said at a Hackensack news conference.

Increasing the top marginal tax rate from 8.97 percent to 10.75 percent on income over $1 million has been one of the points of contention in budget negotiations between Murphy, a first-term Democrat, and the Democratic-majority Legislature. Murphy must sign a balanced budget by July 1, or the government will shut down.

After New Jersey collected more income tax revenue in April than projected, Murphy attempted to "sweeten the pot" on his budget proposal by allocating an extra $250 million to property tax relief in the form of this one-time $125 credit. The average property tax bill was $8,767 last year in New Jersey, a state with among the highest property taxes in the country.

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Legislative leaders haven't taken the bait, with Senate President Steve Sweeney calling it a "gimmick." Both Sweeney and Assembly Speaker Craig Coughlin are opposed to a millionaires tax.

“Speaker Coughlin does not believe we need to include a millionaires tax to balance the budget ... [and] encourages Governor Murphy to keep an open mind regarding signing a fiscally sound budget, excluding a millionaires tax," Coughlin's spokeswoman Liza Acevedo said in a statement.

Here's what you need to know about Murphy's proposal:

Who gets the credit?

Both renters and homeowners could receive the credit. A taxpayer's minimum gross income must fall between $10,000 and $250,000 if single or married filing separately, or between $20,000 and $250,000 if married filing jointly.

The Murphy administration estimated that 46 percent of tax filers, or more than 2 million people, could receive the credit.

How would you get it?

Eligible taxpayers would get a one-time $125 refundable tax credit to be applied on the 2019 state income tax returns that they file next April.

What if I already benefit from a property tax relief program?

Taxpayers could still receive the tax credit even if they already benefit from programs such as Homestead Benefit, Senior Freeze, Veterans' Deduction and the increased Property Tax Deduction Cap.

How likely is it this will happen?

The Senate president and Assembly speaker are not on board with the millionaires tax, and during budget hearings last month, Senate Budget and Appropriations Committee Chairman Paul Sarlo, D-Bergen, said new taxes should be "a last resort."

Republicans aren't cheering the idea, either.

Sen. Declan O'Scanlon, a Republican on the budget committee, said in a statement, "I am glad to hear Gov. Murphy acknowledge the property tax crisis, but we can lower property taxes without asking families to pay more."