Survey of CFOs finds N.J.’s tax climate is dismal
While New Jersey is home to one of the highest business tax rates in the nation, financial executives attribute the state’s lack of competitiveness in retaining and attracting business to the complexity of its tax system, according to a survey of chief financial officers conducted by Alvarez & Marsal Taxand LLC.
“With competition for corporate headquarters and the jobs that come with them increasing in the face of a challenging economy, it will be interesting to see if states modify their taxing systems in an aggressive attempt to retain contracts and attract new business,” said Don Roveto, managing director at A&M Taxand, in a statement. “When companies look to relocate corporate functions or expand operations, initial credits and incentives may be the most relevant factor from a tax perspective, although the ongoing tax burden must be considered.” (Eder, NJBIZ)
