Member Content Only

Get started becoming a member today.

Become a Member Already a member? Sign In
The New Jersey Business & Industry Association, NJ State Chamber of Commerce, NJ CPA Society, NJ Retail Merchants Association, Commerce & Industry Association of NJ, Morris County Chamber of Commerce, Hunterdon County Chamber of Commerce, Somerset County Business Partnership, NJ Food Council, and Meadowlands Regional Chamber released the following joint statement today regarding A-4495/S-2989, commonly known as the Corporation Business Tax (CBT) cleanup bill. The legislation was sent to Gov. Phil Murphy on Thursday after a 41-37 vote in the Assembly and a 21-15 vote in the Senate.

 

“Today’s action goes beyond technical corrections to the Corporation Business Tax (CBT) bill passed in July, and places a significant additional financial burden on New Jersey’s largest job creators. This strikes at the heart of our regional and global competitiveness, particularly for the state’s innovation sector.

“These increased costs fall on the very same job creators who are also shouldered with a CBT surcharge, which gives New Jersey the second highest CBT rate in the country, and soon to be the highest. These increased costs will stifle innovation at the exact time that our state goal is to reclaim our stature as the Innovation State.

“Yesterday the Tax Foundation noted that New Jersey is dead last for business tax climate and this was before this action today. As such, New Jersey is an unequivocal outlier in terms of tax burden.

“We have been calling on our policymakers to take actions to grow New Jersey’s economy, which requires that we create new jobs and retain those that we have. Both are vital needs if our state hopes to escape from our current fiscal dilemma and begin to achieve greater prosperity. Aggressive and achievable plans for growing our economy must be created now. We cannot wait any longer.

“Today’s actions will hurt innovation and job growth and encourage companies to invest outside of New Jersey. New Jersey needs long-term sustainable solutions to address the fiscal challenges that exist in the state. We ask Gov. Phil Murphy to veto this bill.”

Taxation & Economic Development News

Join a Policy Committee

By joining a NJBIA Policy Committee, you are a member of a select group of members from many different businesses who share a common interest in a particular area of concern.

Member Signup Sign In To be part of a Policy Committee, your company must be a member of NJBIA. Already a member? Simply sign in.
Issue Areas