NJBIA - New Jersey Business & Industry Association
New Jersey Business & Industry Association
For those that could not attend or were there and wanted to better remember what was discussed, I wanted to provide you all a recap of the January policy committee meeting where Treasury staff and Senator O’Scanlon presented. I hope this summary is helpful, and please feel free to reach out to me if you […]
NJBIA looks forward to working with Assemblyman Christopher DePhillips (R-40) and Assemblywoman Serena DiMaso (R-13) who have announced the creation of a Tax Cut Caucus. Both legislators want to bring more attention to affordability and reducing taxes instead of additional state spending, and they plan to use the caucus to review New Jersey’s pending taxes […]
Revenues through the first five months of the fiscal year from the general income tax (+5.4%), sales tax (+8.8%) and CBT (+33.1%) are all well above projections with total major tax revenues up 10% compared to the first five months of last year. The projected growth rate is only 0.6%. Treasury does caution that “there […]
The pass-through business alternative tax bill (S-3246/A-4807) is on the Governor’s desk after passing the Assembly and the Senate (for concurrence with Assembly amendments) unanimously on Monday. This bill allows pass-through businesses like S-corps, LLCs and partnerships to claim federal deductions that other types of businesses currently receive. Deductions for pass through businesses that […]
NJBIA Chief Government Affairs Officer Chrissy Buteas recently provided the Council on State Taxation (COST) conference in Washington DC with an update on the current business and tax climate in New Jersey. Buteas participated in a panel discussion with her colleagues from Northeast states at the 50th annual meeting of COST, a nonprofit trade association […]
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