NJBIA Statement on Federal Tax Vote

New Jersey Business & Industry Association President & CEO Michele Siekerka issued the following statement tonight regarding the near passage of the $1.5 trillion federal tax overhaul bill:

“While we support tax reform, the federal tax bill passed by the Senate tonight and expected to pass in Wednesday’s House re-vote will not result in a net benefit for New Jersey’s businesses and residents and, sadly, will make our state less affordable.

“The limiting of the property tax deduction and mortgage interested deductions will negatively impact property values in New Jersey. We are already one of the highest-taxed states in the nation, sending a disproportionate number of tax dollars to Washington, D.C. every year for what we receive in federal aid or spending.

“With the signing of this bill into law, and a collective cap on state and local income tax and property tax deductions, New Jersey residents and small businesses will be faced with yet another reason to consider relocating.”