NJPP STATEMENT on Sweeney Corporate Tax Plan
See below for a statement from New Jersey Policy Perspective President Gordon MacInnes in response to Senate President Sweeney’s plan – unveiled this morning – to impose a 3% surcharge on the Corporation Business Tax on New Jersey income earned by corporations making over $1 million in net income. Reach out with any questions.
For additional context, see Gordon’s report released today: https://www.njpp.org/budget/investing-in-new-jerseys-future-will-require-new-revenues
NJPP PRESIDENT GORDON MacINNES:
“Senate President Sweeney’s proposal is a sensible step to recoup some of the windfall that profitable corporations will get from the new federal tax law. But let’s be clear: by itself it will not produce enough new revenue to invest in New Jersey’s neglected assets and put the state back on the path to prosperity. It is, in short, a welcome first step.”
(Visited 3 times, 1 visits today)
