New Jersey Business & Industry Association President and CEO Michele N. Siekerka issued the following statement regarding the pass-through business alternative tax bill, signed into law by Governor Murphy today. The primary sponsors of A-4807/S-3246 were Daniel Benson (D-14), Anthony M. Bucco (R-25) and Roy Freiman (D-16).
“NJBIA commends Governor Murphy for his support of this bill, which will allow pass-through businesses like S-corps, LLCs and partnerships to claim federal deductions that other types of businesses already receive.
“Preserving the ability of thousands of New Jersey small businesses to fully deduct their state income taxes following changes in the federal Tax Cuts and Jobs Act will potentially save hundreds of millions of dollars. Protecting that tax deductibility for these job creators will ultimately strengthen our economy and give New Jersey a much-needed competitive boost in the region.
“NJBIA also thanks the sponsors of this legislation for their efforts to reduce the tax burden for small businesses in New Jersey. We are also grateful for the overwhelming support it received throughout the entire Legislature.”