NJBIA Chief Government Affairs Officer Christopher Emigholz appeared on WJLP’s/On NJ’s “NJ Politics with Laura Jones” last weekend to discuss the sunset of the Corporate Business Tax 2.5% surtax and also legislation to make New Jersey’s CBT more competitive with other states.
Emigholz credited Gov. Phil Murphy and Senate Budget Chair Paul Sarlo for spearheading the direction of allowing the temporary surtax to sunset at the end of this year, as statutorily scheduled.
When the surtax sunsets, NJBIA CBT rate will go from 11.5% – the highest in the nation by a long shot – to 9%.
“I think the Legislature gets it,” Emigholz told Jones. “They know that jobs are created by a more moderate tax.
“BIA has never asked for tax to go to zero. We know we have a lot of strong things in our favor in this economy, such as our location, our infrastructure, our workforce. But we’re not going to capitalize on those assets unless we have a more middle-of-the-road business tax. If we have the highest in the nation, it costs us jobs, it costs us capital investments every single year.”
To see the full interview, click here.