Bill > S730

Introduced Session

This bill requires the Director of the Division of Taxation to engage in a study of the impact of New Jersey business income taxes on business out-migration, business formation, and employment within the State. In conducting the study, the director would examine data available from corporation, partnership, and other New Jersey income tax returns from the period beginning on January 1 of the eighth calendar year immediately preceding the effective date of the bill and ending on December 31 of the eighth calendar year immediately following the effective date of the bill. Based on data available from the period beginning on January 1 of the eighth calendar year immediately preceding the effective date of the bill and ending on December 31 of the calendar year immediately preceding the effective date of the bill, the director would be required to submit a Retrospective Tax Policy Impact Report consisting of the study's findings and recommendations, including whether any State or local tax laws or policies may be modified to improve the State's business climate and decrease the financial impact of taxes on businesses residing in the State. The director would be required to submit the report on or before January 15 of the second calendar year immediately following the effective date of the bill to the Governor and the Legislature. For the first full calendar year beginning after the effective date of the bill and for each of the seven calendar years thereafter, the director would be required to annually submit to the Governor and the Legislature, a Tax Policy Impact Report consisting of the study's findings and recommendations from the data available for that year, by January 15 of the calendar year immediately following the calendar year for which each report is prepared.

Committee Categories

Owen Henry (R)*,  Douglas Steinhardt (R)*, 

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)

Official Document