The tax cut deal that was in the works today between Senate President Steve Sweeney and Gov. Chris Christie included the basics of Sweeney’s intial property tax cut plan with an increased income threshold, sources familiar with the deal told PolitickerNJ.

The deal would include a 10 percent credit against the first $10,000 of property taxes paid for anyone earning less than $400,000, according to two sources. The income cap is up from Sweeney’s initial proposal of $250,000. The plan also would restore the earned income tax credit to 25 percent of the federal credit from its current level of 20 percent.

Christie initially cut the earned income tax credit in 2010, estimating the savings from the cut at $45 million. The credit is available to generally low and moderate income taxpayers.

It’s unclear how much the total plan will cost, however Sweeney’s initial proposal has a $1.3 billion price tag.

Sweeney and Christie were set to announce the deal at a 3 p.m. press conference, but Sweeney cancelled the event citing a minor health concern. But sources say Senate Democrats were unhappy that Sweeney was prepared to announce a deal without first consulting other caucus leaders.

Assembly leadership is also said to be unhappy with the Sweeney plan and sources said part of the reason for Monday’s delay was an attempt by the Senate president to bring the lower chamber on board.

Three tax cut plans have been making the rounds in Trenton for the past three months. The first, introduced by Christie during his annual budget address, would provide for a 10 percent income tax cut for all taxpayers. Democrats charged that the plan unfairly benefitted the wealthy and would provide only modest relief for the average taxpayer.

Sweeney’s plan would tie the tax cut to income taxes paid, while capping eligibility at $250,000. In the Assembly, Democrat Lou Greenwald’s plan would provide for a 20 percent credit against property taxes paid, paying for the extra relief by instituting a tax on incomes over $1 million.

Christie has declared Greenwald’s plan dead on arrival as he has no plans to sign off on the millionaire’s tax. But according to two sources there is growing sentiment among legislative Democrats that with bleak revenue projections, the extra tax may be the only way to provide cuts to the middle class.

Last week the Office of Legislative Services warned lawmakers that April revenues would lag behind 2011 numbers, putting the state in jeopardy of not meeting projections for the fiscal year. April numbers were due to be released Monday, but were delayed and are expected on Tuesday.

Several senators expressed surprise and even anger at the announcement of the press conference, saying they were unaware a deal had been cut.