Treasurer: Tax cuts – not credits – draw businesses’ interest

TRENTON – State Treasurer Andrew Sidamon-Eristoff touted the governor’s income tax cut proposal today as the best plan for lawmakers

TRENTON – State Treasurer Andrew Sidamon-Eristoff touted the governor’s income tax cut proposal today as the best plan for lawmakers to adopt over the coming weeks.

Sign Up For Our Daily Newsletter

By clicking submit, you agree to our <a href="http://observermedia.com/terms">terms of service</a> and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime.

See all of our newsletters

Gov. Chris Christie’s proposed 10 percent across-the-board income tax cut would boost the state’s competitive position in the region, Sidamon-Eristoff told the Assembly Budget Committee, echoing similar statements he made Tuesday before Senate lawmakers.

Sidamon-Eristoff went on to say that, unlike tax-cut proposals put forward by the Senate and Assembly Democrats, Christie’s plan would have a clear impact.

“When businesses are considering locating to a state, they are going to do a 50-state survey,” Sidamon-Eristoff said, explaining tax credits are not necessarily on a business’s radar.

“The rate cut is demonstratively better,” he said, referring to tax credits as a “Band-Aid” solution.

“A tax credit at the state level doesn’t do anything to address … property tax,” he said.

Senate Democrats are proposing a 10 percent tax credit on taxable income up to $1,000 for families making up to $250,000. Assembly Democrats’ plan would double the amount of the property tax credit for families making up to $250,000 – but would rely on a millionaire’s tax.

Sidamon-Eristoff also cast doubt on whether the Assembly Democrats’ proposal is even a viable option.

“I’m confused as … to how, mechanically, it will work,” he said.

Assemblyman Declan O’Scanlon, (R-13), Little Silver, invited Sidamon-Eristoff to discuss his opinions on the tax credit/cut proposals during the hearing.

Treasurer: Tax cuts – not credits – draw businesses’ interest