NJBIA Statement on FY 2019 Tax Increases

NJBIA President and CEO Michele Siekerka today issued the following statement concerning votes on the income (A-3088) and corporate tax increases, as well as combined reporting (A-4202).

“These bills take New Jersey’s already challenging tax climate and make it worse. Today’s actions may avoid a government shutdown, but do so at a tremendous cost in jobs, affordability and competitiveness.

“Unfortunately, these tax increases do not address the fundamental problems facing New Jersey’s finances. This year’s budget represents an 8 percent increase in spending. Until the governor and legislators get serious about addressing the state’s unsustainable spending levels, the state budget will need ever increasing revenue from its taxpayers, and as we have seen, that burden will likely fall on the backs of our job creators.

“We need our political leaders to start fixing the structural deficit now, or I fear we will be in the same situation again next year.”