Requires Director of Division of Taxation to conduct study on impact of State business income taxation on business out-migration, formation, and employment for previous and upcoming tax years.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill directs the New Jersey Director of the Division of Taxation to conduct a study examining how the state’s business income taxes affect businesses choosing to leave, start, or hire within New Jersey. The study will analyze tax return data from the eight years before and after the law’s enactment. Based on the findings, the Director must submit reports to the Governor and the Legislature with recommendations for potential tax law or policy changes to improve the state’s business climate and reduce the financial impact of taxes on businesses.
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