Sponsored by:
Senator JOSEPH M. KYRILLOS, JR.
District 13 (Middlesex and Monmouth)
SYNOPSIS
Requires Director of Division of Taxation to study impact of State business income taxes on business out-migration, business formation, and employment.
CURRENT VERSION OF TEXT
As introduced.
An Act requiring the Director of the Division of Taxation to study the impact of New Jersey business income taxes on business out-migration, formation, and employment, supplementing Title 54 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The Director of the Division of Taxation shall engage in a continuous study of New Jersey business income taxes on business out-migration, business formation, and employment within the State. In conducting the study, the director shall examine data available from corporation, partnership, and other New Jersey income tax returns the director deems appropriate.
The director shall annually make a 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 shall submit such report annually on or before January 1 to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature.
2. This act shall take effect immediately.
STATEMENT
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.