New Tax Law for Small Businesses/Small Business Tour
Senator Buono's Small Business Tour
Previous Stops:
1. Highland Park
2. South Plainfield
2. Oak Tree Road/Iselin
Resources
The Small Business Law (PDF) - Right-click, "Save Link As" to download.
The Small Business Bill - FAQ (DOC) Right-click, "Save Link As" to download.
News Articles & Press Releases
New tax law: Small business owners can consolidate income & recoup their losses
NJ.com/The Star-Ledger
May 5, 2011
By Stacy Jones
Until last week a New Jersey entrepreneur who owned multiple businesses faced a predicament during tax season — money gained from one venture wasn’t offset by money lost from another.
"In the past the state has had what they would consider the best of both worlds," said David Brogan, first vice president of the New Jersey Business and Industry Association. "They tax you on your profits, but they don’t recognize your losses."
That changed April 28 when Gov. Chris Christie signed a law that permits small business owners to pay taxes on their total income and recoup part of their business losses.
For years, New Jersey corporations have been able to consolidate their gains and losses, and pay taxes on a figure that more accurately represents their net profit.
"The truth is that you would think that New Jersey’s tax policy would treat small employers the same, giving them the same incentives to invest and hire as they give New Jersey corporations, but that’s just not the case," said Sen. Barbara Buono, one of the bill’s sponsors.
Buono Bill to Modernize Tax Code For Small Businesses Signed Into Law
April 28, 2011
TRENTON – Legislation Senator Barbara Buono sponsored to provide sole proprietors and other small business owners with a tax cut by requiring the tax code to treat them the same way as it does larger corporations was signed into law today.
The bill was a second attempt by Senator Buono to enact meaningful business tax cuts to spur economic growth and job creation across the state. Prior version of the new law was vetoed by the governor, only to resurface four days later in his budget address.
Barbara's Blog
Gov. Christie's 'Jersey Comeback' Ignores Economic Security for Middle-Class Families
January 25, 2012
Nobody likes to highlight their own failures. So it’s no wonder in his second State of the State Address, Governor Christie did not even touch on the issue of economic security. While most of New Jersey families scrape by paycheck to paycheck, the central message of Chris Christie’s vision for our state is that we’re in “comeback” mode.
Despite the fact that poll after poll still indicates the overriding concern of the public is the economy, the Governor’s message relied heavily on platitudes and empty rhetoric, leaving any reference to bolstering the livelihoods of middle and low income families on the cutting room floor.
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