Archive for Tag: Corporate Business Tax

Stop residents from fleeing NJ by cutting corporate tax, says DePhillips

TRENTON, N.J. – Assemblyman Christopher DePhillips has long argued that New Jersey’s nation-high corporate tax rate contributes to outmigration. The latest figures from the U.S. Census Bureau support his point – residents are leaving New Jersey to live in states with lower taxes like Florida, Texas and South Carolina....

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Murphy’s corporate business tax surcharge sunset is not a budget tax cut, says DePhillips

TRENTON, N.J. – Assemblyman Christopher DePhillips is challenging Gov. Phil Murphy’s misleading claims that his fiscal year 2024 budget proposal cuts taxes by allowing the corporate business tax surcharge to sunset. “Governor Murphy is taking a victory lap for following the law to drop the surcharge on corporations at...

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New Jersey’s dead-last business ranking demands legislative fix, says DePhillips

TRENTON, N.J. – For the sixth year in a row, the Tax Foundation ranked New Jersey last for overall business tax climate in their 2023 report –an annual index that shows how well states are structuring their tax systems. Assemblyman Christopher DePhillips, a longtime advocate for corporate tax reform,...

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DePhillips: Government-controlled prescription prices won’t save N.J. patients money

TRENTON, N.J. – A Democrat proposal giving a government-created board the ability to control prescription drug prices in New Jersey will not help patients, but will destroy the state’s acclaimed life sciences industry, says Assemblyman Christopher DePhillips. “New Jersey, which is home to 14 of the world’s 20 largest...

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DePhillips renews calls to cut N.J. corporate tax to compete with Pa.

TRENTON, N.J. – Pennsylvania’s corporate tax cut must be a catalyst for change in New Jersey, says Assemblyman Christopher DePhillips. The lawmaker is calling on legislative leadership to prioritize his bill to lower New Jersey’s highest-in-the-nation 11.5% corporate business tax rate before companies, jobs and families move to the...

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Unexpected revenue windfall must benefit New Jerseyans now, DePhillips says

TRENTON, N.J. – New Jersey is in even better financial shape than first thought, with billions more in surplus than anticipated in Gov. Phil Murphy’s proposed FY2023 budget. As such, Assemblyman Christopher DePhillips is calling for the governor and legislature to provide New Jerseyans tax relief in this year’s budget....

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DePhillips moves to make New Jersey America’s innovation leader

TRENTON, N.J. – New Jersey’s corporate business tax has led to an exodus of investment in the state once called the nation’s medicine chest. New Jersey is fifth out of seven states in the region for innovation, according to an NJBIA study, and experienced the largest loss of undergraduate...

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DePhillips, DiMaio and DiMaso introduce bill lowering CBT to 2.5 percent

TRENTON, N.J. – Assembly Republicans are walking to their talk of cutting the corporate business tax to make the state more business friendly. Assemblymen Christopher DePhillips and John DiMaio are introducing a bill (A3754) with Assemblywoman Serena DiMaso that would gradually cut the rate to a flat 2.5 percent....

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