|Governor Christie Signs NJECPAC Supported Legislation|
S-2754 (Buono, Greenstein)/A-3870 (Greenwald, Barnes), which permits businesses such as LLCs, partnerships, S corporations and sole proprietorships to deduct losses in one year from income in future profitable years. These companies pay gross income taxes, and this type of loss carry-forward was only available to companies paying corporate business taxes. In addition, the measure would allow these businesses to offset a gain in one income category from a loss in another income category. For instance, a company could offset gains in an LLC from losses in a partnership. Under current law, losses can only be used to offset income generated from the same business unit.