Senator Tom Kean, Jr. has announced that Republicans will submit today four tax cut proposals outlined by Governor Christie in last month's budget address.
"Republicans are committed to reducing the tax burden on New Jersey employers, but we will not do it recklessly or outside the context of a balanced budget," said Senator Kean. "The Governor has proposed several tax relief measures as part of his FY 2012 budget that we are eager to support, and are submitting these pieces of legislation to the Senate today. Senate Democrats appear to have recently become concerned about the tax climate for businesses in New Jersey after voting to raise taxes 115 times in the last decade. Senate Republicans hope their conversion is out of sincere concern for job creation rather than political opportunity. If their belief that tax cuts create jobs in genuine, they'll join us in passing these bills."
The following four tax cut bills, outlined in the Governor's budget, have been submitted to the Senate today:
Reduce S-Corporation Minimum Tax 25% (Sponsors: Senators Jennifer Beck, Tom Kean, Jr.)
Increase R&D Tax Credit to 100% (Sponsors: Senators Steve Oroho, Sean Kean)
Raise Estate Tax Exemption to $1 Million (Sponsors: Senators Joe Kyrillos, Gerald Cardinale)
Business Software Installation/Support Tax Exemption (Sponsors: Senators Tony Bucco, Diane Allen)
"New Jersey has lost jobs because fiscal recklessness- living beyond our means to pay for government's actions- has made our state an unaffordable place to do business," Kean continued. "Fiscal responsibility means paying for only what you can afford in order to assure job creators they will not be asked in the future to foot the bill for unaffordable spending. The tax cuts we have proposed can be paid for and are part and parcel of the Governor's balanced budget. There is no reason for our colleagues not to support these tax cuts."
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