New Jersey gives $347M in business tax cuts bipartisan support
While Governor Christie and the Democrats argued about whether the state could afford an estimated $215 million income tax cut or credit for residents, they approved without debate a set of business-tax-relief proposals that will cost the state significantly more.
The new state budget projects around $347 million in business tax relief — continuing a three-year trend since Christie took office and reflecting his and the Democratic-controlled Legislature’s shared priorities to improve the state’s business climate.
This year’s cuts were locked in through legislation passed last year — and members in both parties said there was no political will to reverse or reduce them, even while battles over income-tax and property-tax relief came down to slim cost differences. (Fletcher, The Record)