NJBIA - New Jersey Business & Industry Association
New Jersey Business & Industry Association
Gov. Phil Murphy’s proposed FY22 budget boasts no new tax increases and a historic pension payment, but also a continuation of spending that many think is unsustainable and very well could lead to future tax increases. The $44.8 billion budget proposed by Murphy on Tuesday is up 10.9% from FY21 and is a 29% increase from the last signed […]
NJBIA testified Wednesday in support of legislation to ensure by statute that New Jersey businesses that received federal assistance under the Paycheck Protection Program (PPP) will not have to pay state taxes on their loans, even if those loans are forgiven. The bill, A-5149, sponsored by Assembly Majority Leader Lou Greenwald (D-6), would also allow […]
Gov. Phil Murphy is scheduled to deliver his FY22 budget on Tuesday. An NJBIA op-ed this week called for no new tax increases, structural reforms and a hold on unnecessary spending. But will any of that actually happen? “It’s difficult to say,” NJBIA Vice President of Government Affairs Christopher Emigholz said. “New Jersey goes into this budget season […]
As Gov. Phil Murphy prepares his FY22 budget address to the Legislature on Feb. 23, NJBIA is calling for fiscal restraint: No more tax increases, no more unnecessary spending and borrowing, and the enactment of meaningful structural reforms that will set a sound course toward economic recovery. In an op-ed published Wednesday on NJ.com, NJBIA President & CEO Michele Siekerka noted that last year New Jersey increased taxes more than other states, increased spending more than other states, and […]
Federal Paycheck Protection Program (PPP) loans given to New Jersey businesses to help them during the COVID-19 pandemic will be exempt from state taxes, and any business expenses paid using PPP money remain deductible for the 2020 tax season. Gov. Phil Murphy and Treasurer Elizabeth Maher Muoio made the announcement late Tuesday, saying the state would follow the lead of the federal government, which has already said that PPP […]
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New Jersey Business & Industry Association
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