Bill
Bill > S528
NJ S528
Requires Director of Division of Taxation to study impact of State business income taxes on business out-migration, business formation, and employment.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill directs the Director of the Division of Taxation in the Department of the Treasury ("director") to engage in a continuous study of the impact of New Jersey business income taxes on business out-migration, business formation, and employment and create a Tax Policy Impact Report for annual submittal to the Governor and Legislature. In conducting the study, the director would examine data available from corporation, partnership, and other appropriate New Jersey income tax returns. The Tax Policy Impact Report would consist 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 New Jersey.
AI Summary
This bill directs the Director of the Division of Taxation in the New Jersey Department of the Treasury to conduct a continuous study on the impact of New Jersey's business income taxes on business out-migration, business formation, and employment. The Director will examine data from corporation, partnership, and other relevant state income tax returns, and annually submit a Tax Policy Impact Report to the Governor and Legislature, which will include findings and recommendations on whether any state or local tax laws or policies should be modified to improve the state's business climate and decrease the financial impact of taxes on businesses residing in New Jersey.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S528 |
| BillText | https://pub.njleg.gov/Bills/2024/S1000/528_I1.HTM |
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