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taxation

NJBIA Supports Bills to Help NJ Businesses Struggling during COVID-19

Mar08,2021
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NJBIA testified on Monday in support of 10 bills aimed at helping New Jersey businesses, including $100 million in funding for micro-businesses, hospitality businesses, childcare centers, nonprofits and cultural institutions, which all have been severely impacted by the pandemic. “The number of small businesses open now in New Jersey, compared to pre-pandemic January of 2020, […]

Economic Aid Act for the Paycheck Protection Program (PPP) 

Jan14,2021
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Economic Aid Act for the Paycheck Protection Program (PPP)  —Background— On Dec. 27, 2020, President Trump signed the Economic Aid Act into law which included $284 billion for the Paycheck Protection Program (PPP). The legislation made several revisions to the program including changing eligibility requirements, creating a process for Second Draw loans, and adding additional […]

Employer Guide to 2021 Tax Withholding Changes

Dec17,2020
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As an annual service to our members, NJBIA explains the changes in tax withholding rates and taxable wage bases that employers face in the year ahead. Outside of payroll taxes, it is important to note that legislation signed into law in 2020 reinstated the 2.5% corporate business tax surtax originally imposed in the 2018 state […]

Governor Signs Corporate Business Tax ‘Cleanup’ Bill

Nov05,2020
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Gov. Phil Murphy has signed legislation, supported by NJBIA, that simplifies corporate business tax reporting and compliance by making technical corrections to the Corporation Business Tax.  As part of the FY 2021 budget negotiations, the Governor and Legislature, unfortunately, raised the CBT to 11.5%, adding even greater urgency to the need to simplify the process for both taxpayers and the state, said Chris Emigholz, NJBIA vice president of Government […]

NJBIA Asks for More Manageable Phase-In of Expected Jobless Tax Increase

Oct26,2020
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The New Jersey Business & Industry Association testified in support of legislation that aims to avoid a massive spike in unemployment insurance (UI) payroll taxes in 2021 by way of more manageable payroll tax increases protracted over three years. NJBIA Vice President of Government Affairs Christopher Emigholz told the Assembly Appropriations Committee in written testimony […]

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