DePhillips bill eliminates CBT surcharge, keeps businesses in NJ

DePhillips bill eliminates CBT surcharge, keeps businesses in NJ

TRENTON, N.J. – The state can no longer afford the negative consequences of the massive corporate business tax. Assemblyman Christopher DePhillips’ bill (A5152) would immediately eliminate the 2.5 percent CBT surcharge that was levied on businesses earning over $1 million last year.

“Trenton is addicted to taxing and spending and the business community knows that. And this is not just about businesses, this is about families that run businesses in this state,” said DePhillips (R-Bergen).

CLICK TO WATCH DePhillips pushes to eliminate the surcharge on businesses

New Jersey has the worst business ranking in the nation, but that has not deterred the state’s leaders from continuing to enact legislation that exacerbates the issue. The CBT surcharge, which is currently slated to sunset after four years, is on top of the existing tax of 9 percent.

“We are already in year one of the damage that this surtax is causing. Unfortunately, we have three more years under this legislation that was passed last July and that’s going to be three more years of pain for the business community and three more years of businesses considering to leave the state,” said DePhillips.

United Van Lines found in its annual survey that New Jersey led the nation in outmigration as twice as many people moved out of state than in state. The number one reason cited, according to those relocating, was jobs.

“The more we continue to drive these businesses and these corporations out of the state, the more we are going to hurt regular families right here in New Jersey,” said DePhillips. “We cannot let that happen. We need to start cutting taxes and cutting spending if we want to keep executives and businesses in the state.”