Requires Director of Division of Taxation to study impact of State business income taxes on business out-migration, business formation, and employment.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires the New Jersey Director of the Division of Taxation to conduct an ongoing study examining how the state’s business income taxes affect business relocation (out-migration), new business formation, and employment levels. The study will analyze data from tax returns and produce an annual report with findings and recommendations for potential tax law or policy adjustments to improve New Jersey’s business environment and reduce the financial burden on businesses.
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