Gov. Chris Christie today signed two bills to spur job growth and help the economy.
Senate Bills 2753 and 2754 target tax relief to help the overall business climate. In his Fiscal Year 2012 Budget proposal, Christie said he proposed a $200 million package of job-creating tax reforms and incentives.
The governor has stressed the importance of reforms to break from the state’s hostile climate towards business expansion and job growth, while maintaining fiscal discipline over state spending and adhering a constitutionally-balanced budget. The legislation signed Thursday implements key proposals advanced by Christie in that effort, his office stated.
“Today, we are providing critical tax reforms and incentives to boost our economy, foster job growth and opportunity for New Jersey families, and putting a down payment on a more prosperous future for our state,” said Christie. “We must continue to take action to lay a sustainable fiscal path for New Jersey, ensure that tax cuts are done in the context of a balanced budget and implement reform in the most efficient manner possible. I’m pleased that there is a bipartisan consensus in New Jersey around the need to improve our state’s oppressive business tax climate through tax policy changes and common sense regulatory reform, and I look forward to pursuing more needed reforms with the legislature.”
S2753 will change the corporate business tax formula from a three-factor formula to a single sales factor formula, as well as create a modified sales fraction formula for airlines. S2754 will permit taxpayers to net gains and losses from certain business-related categories of gross incomes and allow those losses to be carried forward for up to twenty years.