As many are aware, there is a lot of wrangling going on between Governor Murphy and the NJ Legislature over the fast-approaching June 30 budget deadline.
Yesterday, Senate President Sweeney proposed a budget that would raise $360 million in new state taxes.
His proposal would increase the Corporation Business Taxes along the lines of that proposed by Governor Murphy: the CBT rate would jump from 9% (i) to 11.5% on businesses with net income of more than $1 million, and (ii) to 13% on businesses with net income in excess of $25 million.
There are a couple of key differences between the Senate proposal and the Governor's:
- Under the Senate's proposal, the Realty Transfer Fee on sales for $1 million or more of homes and real estate used in a business would double to 2%.
- The Senate proposal, however, does not include an increase in the top personal income tax rate which Gov. Murphy is insisting on.
Stay tuned, as June 30 will be here before you know it!
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