NJBIA - New Jersey Business & Industry Association

New Jersey Business & Industry Association

Join Now!

NJBIA > Tag: Taxation & Economic Development

Taxation & Economic Development

NJBIA Criticizes Decision to Raise Income Taxes as Policymakers Confirm It Wasn’t Needed to Fill Budget Gap

Sep17,2020
By Leave a Comment

NJBIA President and CEO Michele Siekerka issued the following statement regarding today’s announcement of an agreement between Governor Murphy and legislative leadership to expand the base of those will pay the state’s gross income tax rate from 8.97% to 10.75%. “This tax increase in exchange for suggested middle-class relief is a gimmick that further verifies […]

Recap of January Meeting, Revenue Update, Treasury Initiative, & NOL Feedback Requested

Jan31,2020
By

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 […]

Tax Cut Caucus Created in New Jersey Legislature

Jan03,2020
By

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 […]

NJ State Revenue Collection Update

Dec20,2019
By

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 […]

Good News as Small Business Tax Relief Advances

Dec20,2019
By

  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 […]

Sign Up for NJBIA's

NJ Business Today

Everything you need in one email.

Sign Up