NJBIA lobbied in support of a tax deferral program for small businesses facing hardships due to the COVID-19 pandemic.
As reported in Law 360, the Employment and Business-Related Tax Deferral Assistance program received approval from the Assembly Appropriations Committee this week.
The tax deferral program would be administered by the New Jersey Economic Development Authority.
Beyond the measure, NJBIA also expressed concerns that New Jersey’s business climate will be harmed by the suspension of the tax incentives.
“There’s nothing more important we can do for small businesses than give them liquidity right now,” NJBIA Vice President of Government Affairs Chris Emigholz said during his testimony before the committee.
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