NJBIA Supporting Legislation Today to Bring Relief to Business

The New Jersey Business & Industry Association is continuing to support some key bills before the Legislature today designed to bring much-needed relief to both large and small businesses during these challenging times.

A-4809, before the Assembly today, will make corporate business tax (CBT) reporting and compliance easier for corporations through technical corrections to the CBT. Its companion bill, S-3007, will also be heard in Senate today.

NJBIA Vice President of Government Affairs Christopher Emigholz called the legislation a “win-win” as it will also streamline CBT administration for Treasury’s Division of Taxation and reduce paperwork for business.

To see Emigholz’s full written testimony, click here.

A-4810, also supported by NJBIA, would create and formalize the Government Efficiency and Regulatory Review (GEARR) Commission, a permanent red-tape-review commission to assist businesses when they need it most.

“Government should be constantly improving and always striving to be leaner and more efficient for the sake of good stewardship of taxpayer dollars and better quality service to its constituents, and a commission like this will push us in that direction,” Emigholz said.

To see Emigholz’s full testimony, click here.

A-4853 aims to avoid a massive spike in unemployment insurance (UI) payroll tax in 2021 by way of more manageable payroll tax increases spread out over three years.

Emigholz said the bill would soften an impending $1 billion payroll tax increase by addressing both the business-specific experience rating and the rates driven by the overall health of the fund.

Without this legislation, Emigholz said, “the payroll tax increase would penalize struggling employers who had layoffs that were beyond their control during the pandemic.”

To read Emigholz’s full testimony, click here