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| Governor Christie Signs NJECPAC Supported Legislation |
NJECPAC is happy to report that Governor Chris Christie has signed two NJECPAC Supported Bills into law providing long needed tax relief to small businesses in New Jersey.
The enactment of these two new laws sends a welcome signal to businesses across New Jersey that the Governor and Legislature can work together to enact small business tax relief. The Legislation signed into law are:
S-2753 (Whelan, Madden)/A-3869 (Greenwald, Milam), which enacts single-sales-factor tax reform, which ends a tax disadvantage for New Jersey companies that sell their products and services here, but also have in-state employment and property. Previously, a New Jersey company with employees and property here paid more in taxes than an out-of-state company that had the same level of in-state sales, but little employment or property here.
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.
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