The New Jersey Business & Industry Association has submitted a letter to New Jersey’s members of the House of Representatives formally opposing the House tax reform plan in its current form, while urging members to rework the proposed plan to bring more tax fairness to all of the state’s residents and businesses.
While encouraged by certain improvements in the tax reform plan released by the Senate last week that will help small businesses, NJBIA remains concerned about the current plans by both the House and Senate to eliminate state and local deductions.
“While we support tax reform and understand this process is dynamic and the net impacts of the plan are not fully determined, we are urging Congress to bring more fairness to small businesses and residents of New Jersey,” said NJBIA President and CEO Michele Siekerka. “The House bill, in its current form, falls well short of providing much-needed benefits for our small businesses.
“The elimination of state and local tax deductions will actually make our high-tax state even less affordable. We feel Congress can and should do better.”
To view NJBIA’s letter please click here.