Wednesday, March 29, 2023
North-JerseyNews.com
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
North-JerseyNews.com
No Result
View All Result
Home County

Assemblyman Christopher DePhillips Bill would Cut CBT

James Hickey by James Hickey
March 16, 2020
in County, Trenton
0 0
0
accounting analytics balance black and white

Photo by Pixabay on Pexels.com

0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Assemblyman Christopher DePhillips is looking to make New Jersey more business friendly.

DePhillips (R-Bergen), along with GOP colleagues John DiMaio and Serena DiMaso, introduced a bill to gradually cut the corporate business tax (CBT) to a flat 2.5%.

“The reason we need a tax incentive program to attract businesses is because taxes are too high,” said DePhillips (R-Bergen). “The simple answer is to lower the rate to a point that makes New Jersey more attractive financially than other states.”

In the first year, the tax rates for businesses earning below $100,000—subject to the 7.5% and 6.5% rates—would lower to 3.5 % and the second year to 2.5% and remain there. 

Top Rate 2.5%

The top 9% rate on income over $100,000 would decrease to 7%t the first year, 5% the second year, 3% the third year and 2.5% in the fourth year and remain there.

DiMaio pointed to the decision in 2013 where North Carolina lowered their taxes while New Jersey reformed its tax incentive programs. 

“In the years after, North Carolina’s economy boomed and New Jersey was one of the nation’s slowest growing economies. Cutting taxes creates jobs and grows the economy, and that’s what this bill will do,” stated DiMaio.

North Carolina Model

After North Carolina’s tax code was reformed to 2.5%, iit had the fastest Gross Domestic Product growth and one of the fastest growing populations in the country from the first quarter of 2013 through the third quarter of 2015. New Jersey had one of the slowest rates of economic and population growth over that same period.

The Tax Foundation has ranked New Jersey the nation’s worst business climate for five consecutive years. It was ranked 49th in the country in 2013, then became 50th after the Economic Opportunity Act. North Carolina went from the 44th ranked business climate before their tax reforms, to now being ranked the tenth best place to do business nationally.

Share this:

  • Twitter
  • Facebook
  • More
  • LinkedIn

Like this:

Like Loading...

Related

Tags: Assemblyman Christopher DePhillipscorporate business taxEconomic Opportunity ActNorth JerseyTax CutsThe Tax Foundation
Previous Post

EPA Grants $1.5 Million to New Jersey to Keep Lead Out of School Drinking Water

Next Post

Gov. Phil Murphy Shuts Down Schools; Malls in North Jersey Ordered to Close

Next Post
stairs light lights lamps

Gov. Phil Murphy Shuts Down Schools; Malls in North Jersey Ordered to Close

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

support-Local

Recent Post

North-JerseyNews.com

Almost Half of Democrats Open to Replacing Biden in 2024

by James Hickey
March 28, 2023
1

North-JerseyNews.com

Pascrell Reintroduces Crime Gun Tracing Bill

by Nathan Resso
March 28, 2023
0

North-JerseyNews.com

North-JerseyNews.com Roundup for March 28, 2023: AG Takes Over Paterson Police Force

by North-JerseyNews.com
March 28, 2023
0

Popular

North-JerseyNews.com

Almost Half of Democrats Open to Replacing Biden in 2024

by James Hickey
2023/03/28
1

North-JerseyNews.com

Pascrell Reintroduces Crime Gun Tracing Bill

by Nathan Resso
2023/03/28
0

North-JerseyNews.com

North-JerseyNews.com Roundup for March 28, 2023: AG Takes Over Paterson Police Force

by North-JerseyNews.com
2023/03/28
0

Subscribe now

Join 100,000+ other subscribers

Select list(s) to subscribe to

ss-tp
2107.JG.FightForJersey

North-JerseyNews.com

When it comes to breaking news North Jersey, North Jersey local news or live news North Jersey, We all look for a reliable source that can give us authentic North Jersey news or local Jersey news.

© Copyright 2021 North-JerseyNews.com

Design and Developed By MOZWEBMEDIA

No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation

© Copyright 2021 North-JerseyNews.com
Design and Developed By MOZWEBMEDIA

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Finance-Currency-Financial-World-Dollar-Funds-634901

Add Your Heading Text Here

Pop-up Design 1 (1)

%d bloggers like this: