The New Jersey Business & Industry Association praised the bipartisan compromise to reauthorize the Transportation Trust Fund that was announced today. In particular, NJBIA is pleased that the compromise includes the elimination of the estate tax and the increase in the income tax exclusion for retirement income.
“The elimination of the estate tax will almost immediately make New Jersey more competitive with its neighboring states,” said NJBIA President and CEO Michele Siekerka. “Currently, we have the lowest estate tax threshold in the nation, which had led to a serious outmigration problem and damaged the state’s economy.
“Over the last 10 years the state has lost $18 billion dollars in adjusted gross income largely because of the state’s high tax burden and lack of affordability. Today’s compromise begins the process of arresting that trend.”
NJBIA thanks Governor Christie, Senate President Steve Sweeney and Assembly Speaker Vincent Prieto for arriving at a compromise that addresses the state’s infrastructure issues while at the same time beginning to address the need for comprehensive tax reform. NJBIA urges swift passage of the proposal.