Two state Senators who were instrumental in getting comprehensive tax reform approved and signed into law last years were honored today at NJBIA’s Impact Symposium.
President and CEO Michele Siekerka presented the Paul L. Troast Award to Senate Budget Chair Paul Sarlo and Senator Steve Oroho in recognition for outstanding public service to the business community and a demonstrated commitment to New Jersey’s business community.
“No two legislators are more deserving of this award for their Herculean work on behalf of small business over the past year,” Siekerka said. “Both Senators Sarlo and Oroho were instrumental in advancing the bipartisan tax reforms that began taking effect last January and will continue in 2018.”
She was referring to the tax reform package included dedicated funding for the Transportation Trust Fund. It included two tax policy changes that NJBIA had long fought for: The repeal of the estate tax and higher retirement income tax exclusions for senior citizens.
“Thanks to their political courage, New Jersey small businesses do not have to worry about the implications of the estate tax in their succession planning,” Siekerka said. “And senior citizens can keep more of their retirement income, which makes it possible for them to stay here instead of out-migrating to tax-friendlier states.”