NJBIA Chief Government Affairs Officer Chrissy Buteas was featured on MY9’s “New Jersey Now” this weekend, discussing the tax climate for New Jersey’s businesses and their affordability challenges.
“We have the highest business tax,” Buteas told host Dianne Doctor. “We have the highest property tax. We have one of the highest personal business taxes in the region.
“And you may ask, ‘Why does this matter? Don’t businesses have money to spend and pay into the state’s economy?’ They do, but they also make decisions just like any of us would on where they spend their money.”
Buteas told Doctor that despite the good work done by the New Jersey Economic Development Authority to incentivize businesses to come to the state, New Jersey still needs “an overall discussion on how we structure our tax climate.”
She noted how in Pennsylvania Gov. Tom Wolf has proposed a reduction in its current corporate tax rate of 9.99% to 7.99% on January 1, 2023, with a reduction to 6.99 percent in FY2026 on a path to 4.99%.
“We believe New Jersey should look at it the same way,” Buteas said. “Because while incentives are clearly important, we want to attract businesses here and every corporation pays the corporate business tax.”
Buteas’ full interview can be found at the 9:20 mark here.
