{"id":15043,"date":"2024-07-03T14:00:45","date_gmt":"2024-07-03T11:00:45","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=15043"},"modified":"2024-07-03T14:00:45","modified_gmt":"2024-07-03T11:00:45","slug":"committees-advance-state-budget-with-1-billion-tax-hike-on-corporations","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=15043","title":{"rendered":"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0"},"content":{"rendered":"

Over the strong objections of NJBIA and other business groups, the Senate and Assembly budget committees advanced a $56.6 billion state budget supported by a $1 billion tax increase on the business community Wednesday night.<\/span>\u00a0<\/span>
\nThis action sets the stage for final votes by both houses of the Legislature on Friday. Gov. Phil Murphy is expected to sign the budget (A-4700\/S-2025) and related corporate business tax increase (A-4704\/S-3513) before the new fiscal year begins on Monday, July 1. The increase in the corporation business tax from 9% to 11.5%, however, would be retroactive to Jan. 1.<\/span>\u00a0<\/span>
\nIn her <\/span>testimony before the Assembly Budget Committee, NJBIA President & CEO Michele Siekerka said raising corporate business taxes to 11.5% \u2013 the highest in the nation by far \u2013 would have a devastating impact on New Jersey\u2019s economy. It will affect the cost of goods and services large companies provide, impact smaller businesses down the supply chain and cause corporate investments in facilities and workforces to be made in other states, she said.<\/span>\u00a0<\/span>
\n\u201cWhat makes this action even more egregious is its retroactivity,\u201d Siekerka said. \u201cThis will cause companies to go back to a budget they already struck and to money they\u2019ve already committed elsewhere, and perhaps spent, to find that 2.5% to pay back to the state, after the fact.\u00a0<\/span>\u00a0<\/span>
\n\u201cThis causes many of these companies to have to restate their financial statements,\u201d she said. This is something that Wall Street frowns upon, and therefore affects the stocks of these companies, which many of our New Jersey families, businesses, and even our own state programs and pensions are invested.\u201d<\/span>\u00a0<\/span>
\nAdditionally, the 2.5% increase in the Corporation Business Tax for companies with net income over $10 million, is called a Corporate Transit Fee in the enabling legislation, but the money collected for the 18-month period between Jan. 1, 2024, and July 1, 2025, would stay in the state\u2019s general fund. NJ TRANSIT will not face an operating deficit until July 1, 2025.<\/span>\u00a0<\/span>
\nNJBIA Chief Government Affairs Officer Christopher Emigholz said the $56.6 billion FY25 spending plan was a \u201cbad budget.\u201d<\/span>\u00a0<\/span>
\n\u201cIt\u2019s bad for our taxpayers. It\u2019s bad for our job creators. It\u2019s bad for our fiscal responsibility,\u201d Emigholz said in his <\/span>testimony to the Senate Budget & Appropriations Committee.<\/span>\u00a0<\/span>
\n\u201cThe business community hears that we need cash as a state, yet we see a budget that\u2019s spending $800,000,000 more in discretionary spending,\u201d Emigholz said. \u201cThat\u2019s outside of the pension and school aid investments that are the right thing to do. That\u2019s outside of the formulaic things that we do as a state that are protecting our vulnerable and doing the right thing. Why?\u201d<\/span>\u00a0<\/span>
\n\u201cWe say that we have a structural deficit \u2026Yet we raid the debt defeasance fund that theoretically is supposed to help that. But we drain the surplus that we were proud that we built up,\u201d Emigholz pointed out.<\/span>\u00a0<\/span>
\n\u201cWe hurt economic growth by the transit tax that we just passed, and that\u2019s how we get out of a structural deficit is to grow our revenues organically. We\u2019re not doing that in this budget.\u201d<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Over the strong objections of NJBIA and other business groups, the Senate and Assembly budget committees advanced a $56.6 billion state budget supported by a $1 billion tax increase on the business community Wednesday night.\u00a0 This action sets the stage for final votes by both houses of the Legislature on Friday. Gov. Phil Murphy is … Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":15044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,122,1766,186,6600,6916,6765,7768,11354,1512,11208,8726,5702,2460,33,7663,5099,898,645,26,5596,3086,7343,415,3767,7905,2294,1823,3752,2685,2628,9698,4344,7215,722,4843,6180,5515,5614,433,1806,3480,7967,282,4472,65,1065,8920,4343,1183,7191,2503,12048,255],"class_list":["post-15043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-aid","tag-budget","tag-business","tag-business-community","tag-business-groups","tag-business-tax","tag-business-taxes","tag-businesses","tag-cash","tag-causes","tag-ceo","tag-committee","tag-community","tag-companies","tag-corporate-transit-fee","tag-corporations","tag-debt","tag-economic-growth","tag-economy","tag-families","tag-financial-statements","tag-fiscal-year","tag-government","tag-growth","tag-impact","tag-income","tag-increase","tag-investments","tag-legislation","tag-money","tag-new-jersey","tag-nj-transit","tag-objections","tag-pensions","tag-president","tag-raid","tag-responsibility","tag-revenues","tag-school","tag-services","tag-spending","tag-state","tag-state-budget","tag-supply-chain","tag-surplus","tag-tax","tag-tax-hike","tag-tax-increase","tag-taxes","tag-taxpayers","tag-testimony","tag-votes","tag-wall-street"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nCommittees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0<\/title>\n<meta name=\"description\" content=\".\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0\" \/>\n<meta property=\"og:description\" content=\".\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ch.jfdi.cc\/?p=15043\" \/>\n<meta property=\"og:site_name\" content=\"ch.jfdi.cc\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-03T11:00:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/07\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"675\" \/>\n\t<meta property=\"og:image:height\" content=\"380\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robot\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Robot\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043\"},\"author\":{\"name\":\"Robot\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#\\\/schema\\\/person\\\/24aeef359ef2df73056e7502e1cadc71\"},\"headline\":\"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0\",\"datePublished\":\"2024-07-03T11:00:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043\"},\"wordCount\":516,\"image\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg\",\"keywords\":[\"000\",\"aid\",\"budget\",\"Business\",\"business community\",\"business groups\",\"business tax\",\"business taxes\",\"businesses\",\"cash\",\"causes\",\"CEO\",\"committee\",\"community\",\"Companies\",\"corporate transit fee\",\"corporations\",\"debt\",\"economic growth\",\"Economy\",\"families\",\"financial statements\",\"fiscal year\",\"government\",\"growth\",\"impact\",\"income\",\"increase\",\"investments\",\"legislation\",\"money\",\"New Jersey\",\"NJ TRANSIT\",\"objections\",\"pensions\",\"president\",\"raid\",\"responsibility\",\"revenues\",\"school\",\"services\",\"spending\",\"state\",\"state budget\",\"supply chain\",\"surplus\",\"tax\",\"tax hike\",\"tax increase\",\"taxes\",\"taxpayers\",\"testimony\",\"votes\",\"Wall Street\"],\"articleSection\":[\"Other\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043\",\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043\",\"name\":\"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg\",\"datePublished\":\"2024-07-03T11:00:45+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#\\\/schema\\\/person\\\/24aeef359ef2df73056e7502e1cadc71\"},\"description\":\".\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043#primaryimage\",\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg\",\"contentUrl\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg\",\"width\":675,\"height\":380,\"caption\":\"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=15043#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/ch.jfdi.cc\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#website\",\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/\",\"name\":\"ch.jfdi.cc\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/ch.jfdi.cc\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#\\\/schema\\\/person\\\/24aeef359ef2df73056e7502e1cadc71\",\"name\":\"Robot\",\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/?author=6\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0","description":".","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0","og_description":".","og_url":"https:\/\/ch.jfdi.cc\/?p=15043","og_site_name":"ch.jfdi.cc","article_published_time":"2024-07-03T11:00:45+00:00","og_image":[{"width":675,"height":380,"url":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/07\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg","type":"image\/jpeg"}],"author":"Robot","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Robot","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ch.jfdi.cc\/?p=15043#article","isPartOf":{"@id":"https:\/\/ch.jfdi.cc\/?p=15043"},"author":{"name":"Robot","@id":"https:\/\/ch.jfdi.cc\/#\/schema\/person\/24aeef359ef2df73056e7502e1cadc71"},"headline":"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0","datePublished":"2024-07-03T11:00:45+00:00","mainEntityOfPage":{"@id":"https:\/\/ch.jfdi.cc\/?p=15043"},"wordCount":516,"image":{"@id":"https:\/\/ch.jfdi.cc\/?p=15043#primaryimage"},"thumbnailUrl":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/07\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg","keywords":["000","aid","budget","Business","business community","business groups","business tax","business taxes","businesses","cash","causes","CEO","committee","community","Companies","corporate transit fee","corporations","debt","economic growth","Economy","families","financial statements","fiscal year","government","growth","impact","income","increase","investments","legislation","money","New Jersey","NJ TRANSIT","objections","pensions","president","raid","responsibility","revenues","school","services","spending","state","state budget","supply chain","surplus","tax","tax hike","tax increase","taxes","taxpayers","testimony","votes","Wall Street"],"articleSection":["Other"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/ch.jfdi.cc\/?p=15043","url":"https:\/\/ch.jfdi.cc\/?p=15043","name":"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0","isPartOf":{"@id":"https:\/\/ch.jfdi.cc\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ch.jfdi.cc\/?p=15043#primaryimage"},"image":{"@id":"https:\/\/ch.jfdi.cc\/?p=15043#primaryimage"},"thumbnailUrl":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/07\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg","datePublished":"2024-07-03T11:00:45+00:00","author":{"@id":"https:\/\/ch.jfdi.cc\/#\/schema\/person\/24aeef359ef2df73056e7502e1cadc71"},"description":".","breadcrumb":{"@id":"https:\/\/ch.jfdi.cc\/?p=15043#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ch.jfdi.cc\/?p=15043"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/ch.jfdi.cc\/?p=15043#primaryimage","url":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/07\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg","contentUrl":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/07\/committees-advance-state-budget-with-1-billion-tax-hike-on-corporations.jpg","width":675,"height":380,"caption":"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0"},{"@type":"BreadcrumbList","@id":"https:\/\/ch.jfdi.cc\/?p=15043#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ch.jfdi.cc\/"},{"@type":"ListItem","position":2,"name":"Committees Advance State Budget with $1 Billion Tax Hike on Corporations\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/ch.jfdi.cc\/#website","url":"https:\/\/ch.jfdi.cc\/","name":"ch.jfdi.cc","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ch.jfdi.cc\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/ch.jfdi.cc\/#\/schema\/person\/24aeef359ef2df73056e7502e1cadc71","name":"Robot","url":"https:\/\/ch.jfdi.cc\/?author=6"}]}},"_links":{"self":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/posts\/15043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15043"}],"version-history":[{"count":0,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/posts\/15043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/media\/15044"}],"wp:attachment":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}