Archive for Tag: Corporate Business Tax

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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DiMaio: Let’s talk tax cuts, not incentives

TRENTON, N.J. – The Select Senate Committee on Economic Growth Strategies held a hearing yesterday with a panel of national experts who were largely critical of the Economic Development Authority’s controversial tax incentive program. Assemblyman John DiMaio, the Republican budget officer, echoed the experts’ sentiments that there are better...

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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...

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