![]() ![]() ![]() Meanwhile, New Jersey’s top Corporation Business Tax rate of 11.5% is the highest in the nation, thanks to the state extending a 2.5% surcharge that was supposed to sunset last year.įresh on the heels of this news came a report from the state Treasury that New Jersey’s debt during the first year of the pandemic had exploded to more than $248 billion, making it one of the nation’s most indebted states - a cautionary and concerning sign for the state’s future. The plan calls for the tax rate to drop an additional 0.5% each year until 2031, when it will reach a set rate of 4.99%. Other states across the nation are using their federal pandemic relief aid to help strengthen their business climate, and taking other actions to become more competitive.įor example, last week, Pennsylvania approved a reduction to its Corporate Net Income Tax from the current 9.99% to 8.99%, effective Jan. ![]() And it received an “F” in the category of business friendliness.Īll the while, small businesses in New Jersey are dealing with an inflationary economy, a supply chain crisis, skyrocketing energy costs, double-digit hikes in health insurance rates and a labor shortage that shows no sign of abating. In this year’s results, New Jersey plummeted 16 places in the rankings, to finish 42 nd - the biggest drop of any state. This lack of investment in New Jersey’s business community is especially puzzling in the wake of CNBC’s just-released report that ranks the economic competitiveness of the 50 states. Unfortunately, the new budget does not do that. Taxpayers would have seen the biggest bang had the Fiscal Year 2023 state budget invested adequately in New Jersey’s small businesses - the constituency that creates the jobs and generates the tax revenue to support the governor’s programs. Phil Murphy repeatedly said that he wants New Jersey’s taxpayers to get the biggest bang for their buck. Before signing the new state budget, Gov. ![]()
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