New Jersey State Senator Michael Testa (R-Atlantic, Cape May, Cumberland) is pushing to make New Jersey’s business climate more competitive with new bipartisan legislation to significantly lower the State’s Corporate Business Tax (CBT) and eliminate the Corporate Transit Fee (CTF).
“New Jersey’s business taxes are among the highest in the nation and that puts us at a serious disadvantage when it comes to attracting new employers and keeping existing businesses here,” said Sen. Testa. “We’re seeing businesses, big and small, close up shop or invest in other states every time we read the news because our neighboring states are moving in the opposite direction, making it even harder for New Jersey to compete and create high-quality careers.
“We cannot keep asking businesses to pay more while wondering why they take their jobs and investment elsewhere. This bipartisan legislation is an important step toward turning that around, making New Jersey a more attractive place to do business, and encouraging economic growth. A stronger business climate means more opportunities for New Jersey workers, stronger communities, and a healthier economy for everyone.”
Specifically, the CBT would be reduced from 9% to 2.5% over several years.
You can read the full bill, S-4909, here.
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