Bill > A1109

Introduced Session

This bill establishes the "Business Tax and Incentive Task Force" as a nine-member task force responsible for studying and making certain recommendations regarding State business tax competitiveness among the states and economic development tax incentives offered by state governments throughout the nation. The bill requires the task force to study the features of states' tax systems impacting business expansion, investment and development, chiefly in comparison to this State as a competitive advantage or disadvantage for in-state business growth and of changes that will improve New Jersey's business climate and review the type, scale, and effectiveness of state tax incentives, and their related tax rate structures, in comparison to this State and develop recommendations relating to, the effectiveness of economic development tax incentives and tax rate structures in creating new employment opportunities, fostering capital investment, and growing the economy in this State. As part of its study, the resolution requires the task force to: - evaluate the impact on business investment and the general business climate in this State and other states of reducing these state tax incentives in comparison to reducing tax rates imposed on classes of taxpayers that are eligible to participate in state tax incentive programs; and - study and assess whether State tax incentives have achieved their purposes and comparing the achievement results with other economic development strategies, including but not limited to State tax rate reductions in growing the economy in each state. The task force shall comprise nine members: five of whom shall be appointments respectively made by the Governor, President of the Senate, Speaker of the General Assembly, the Minority Leader of the Senate and the Minority Leader of the General Assembly; and four of whom shall be appointments made by the Governor, one of each of whom shall represent the New Jersey Economic Development Authority, the State Treasurer, the New Jersey Business and Industry Association, and the New Jersey State Chamber of Commerce. The bill directs the task force to organize as soon as possible after the appointment of a majority of its members, and to elect a chairperson and appoint a secretary. The bill requires the task force to meet and to hold hearings at the times and in the places the chairman determines to be necessary to conduct its study. The bill requires the task force to issue a final report not later than 180 days following the date of its organizational meeting. The bill requires the report to provide findings of the task force and any legislation recommended making changes to State tax laws.

AI Summary

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Annette Chaparro (D)*, 

Introduced, Referred to Assembly Commerce and Economic Development Committee (on 01/11/2022)

Official Document