Bucco & Oroho: NJ’s High Business Taxes, Lax Oversight of Incentive Programs Has Created Environment for Abuse
Call for Implementation of State Comptroller’s Tax Incentive Audit Recommendations
Senator Anthony Bucco and Senator Steven Oroho said New Jersey’s extremely high business tax burden and lax oversight of tax incentive programs have created an environment for the kinds of abuses that were identified in an audit released this week by the State Comptroller. Further, they called for the implementation of the recommendations offered by the Comptroller to address the deficiencies that were found in the State’s tax incentive programs.
Sen. Anthony Bucco and Sen. Steven Oroho said New Jersey’s extremely high business tax burden and lax oversight of tax incentive programs has created an environment for the kinds of abuses identified in an audit by the State Comptroller. (SenateNJ.com)
“With some of the highest business taxes in the nation, New Jersey provides a significant incentive for corporations to try to claim tax breaks they may not deserve,” said Bucco. “While that’s clearly wrong, it’s also incumbent upon the EDA as the organization that oversees tax incentive awards to ensure that tax credits aren’t claimed improperly. Stricter oversight of these programs is more important than ever following the imposition of $1 billion in new business tax surcharges by Governor Murphy last year.”
The Comptroller’s report highlighted a number of deficiencies at the New Jersey Economic Development Authority (EDA), the agency responsible for managing the State’s various business tax incentive programs.
Oroho Bill to Increase School Security Funding Becomes Law
Bipartisan legislation sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) to increase funding for school security was signed into law.
Sen. Steven Oroho’s bipartisan bill to increase funding for non-public school security has been signed into law. (WikiMedia)
“Improving the safety and security of students and faculty in every classroom is paramount,” Oroho said. “Every student deserves a warm and nurturing environment where they’re not afraid to learn. Every teacher deserves a safe workplace where they can focus on educating. Every parent deserves peace of mind knowing their child is protected when at school. I’m glad our collective effort to better guard against violence in more New Jersey schools is now law.”
Oroho Bills Enacted Into Law
Legislation Aids Business Development/Government Efficiency/Tourism
Three bills sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) to improve government efficiency and to support New Jersey’s farm to table and manufacturing industries were signed into law.
The first bill, S-2839, will increase funding for manufacturing workforce development, by authorizing a General Fund supplemental appropriation of $250,000 to the NJ Manufacturing Extension Program (NJMEP.)
Three bills sponsored by Sen. Steven Oroho to improve government efficiency and to support New Jersey’s farm to table and manufacturing industries were signed into law. (Wikimedia Commons)
The legislation would also provide direct aid to fund grants in order to employ underserved and underemployed veterans.
“More than 1 million in-state jobs are supported by New Jersey’s manufacturing industry and there are more opportunities popping up all the time,” Senator Oroho said. “As the cost of college continues to climb, many young people, as well as returning workers like veterans, are looking for opportunities that don’t require a traditional four-year degree. By investing in manufacturing workforce development, we can create good-paying jobs and nurture our burgeoning innovation economy.”
Oroho/Bucco/Sarlo/Singleton Bill Would Help Small Businesses & Partnerships Preserve Tax Deductibility
Legislation authored by Senators Paul Sarlo (D-Bergen), Steve Oroho (R-Sussex), Anthony Bucco (R-Morris), and Troy Singleton (D-Burlington) that will preserve the federal deductibility of an estimated $23 billion in state income taxes for small businesses and partnerships has passed the State Senate.
Bipartisan legislation sponsored by Sens. Oroho, Sarlo, Bucco and Singleton will preserve the federal deductibility of an estimated $23 billion in state income taxes for small businesses and partnerships. (SenateNJ.com)
The bill is a product of the Economic and Fiscal Policy Workgroup, the blue-ribbon study group that made recommendations to improve New Jersey’s fiscal practices and economic strength. The legislation is part of the “Path To Progress” initiative.
“This legislation will save hundreds of millions of dollars for the many New Jersey small businesses that are registered as S Corporations and pay their corporate taxes through the state income tax, as well as all of the law firms, medical groups, accounting practices and other partnerships that were created as LLCs,” said Senator Oroho, who is a Certified Financial Planner. “This plan works because the federal tax plan allows businesses to continue to deduct all of their taxes.”
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Senate Passes Bucco/Oroho/Singleton Bill to Let NJ Businesses Challenge State Regulations
New Jersey business owners would finally have the ability to push back against State regulations, under bipartisan legislation sponsored by Senators Anthony Bucco, Steven Oroho, and Troy Singleton. The bill, S-2345, passed the State Senate today.
Bipartisan legislation by Sens. Anthony Bucco, Steven Oroho, and Troy Singleton giving New Jersey business owners the ability to push back against State regulations has passed the New Jersey Senate. (SenateNJ.com)
“We have seen a mass exodus of small business owners in recent years, and many are leaving because of red tape,” Senator Bucco said. “Every business owner should have the opportunity to fight back against rules and regulations that keep them from growing a business here. The New Jersey Regulatory Flexibility Act is a great tool. I hope that this legislation will encourage business owners to speak out and help us cut red tape, so they can stay and prosper in New Jersey.”
Sarlo, Oroho, Bucco, Singleton Bill Would Help Small Businesses & Partnerships Preserve Tax Deductibility
Plan is ‘IRS-proof’ because it returns tax law to entity-level payment system
Legislation authored by Senators Paul Sarlo, Steven Oroho , Anthony Bucco, and Troy Singleton that will preserve the federal deductibility of an estimated $23 billion in state income taxes for small businesses and partnerships was approved by a Senate committee today.
Sens. Paul Sarlo, Steven Oroho, Anthony Bucco, and Troy Singleton’s bill will preserve the federal deductibility of an estimated $23 billion in state income taxes for small businesses and partnerships. (SenateNJ.com)
The legislation, S-3246, will amend New Jersey’s state tax code to the system that was in place prior to 1993 under which S corporations, Limited Liability Corporations (LLC’s) and other business partnerships directly paid the state income tax liability of their owners and partners. Entitled the “Pass-Through Business Alternative Income Tax Act,” the bill would establish an elective entity-level tax to be paid by pass-through businesses and would provide an offsetting credit to taxpayers who receive income from a pass-through business.
“This legislation will save hundreds of millions of dollars for the many New Jersey small businesses that are registered as S Corporations and pay their corporate taxes through the state income tax, as well as all of the law firms, medical groups, accounting practices and other partnerships that were created as LLCs,” said Senator Oroho, who is a Certified Financial Planner. “This plan works because the federal tax plan allows businesses to continue to deduct all of their taxes.”
After Gruesome Colts Neck Murders, District 24 Lawmakers Echo Prosecutor On Death Penalty
In the wake of the tragic murder of a Colts Neck family, Senator Steven Oroho and Assemblymen Parker Space and Harold Wirths (all R-24) are calling for action on their legislation to reinstate the death penalty for certain crimes.
District 24 lawmakers call for action on their legislation to reinstate the death penalty in New Jersey, in light of the gruesome murder of a family in Colts Neck. (©iStock)
On Tues., Nov. 20, Paul Caneiro allegedly killed his brother, Keith Caneiro, in front of Keith’s home in Colts Neck, according to Eyewitness News. After he allegedly killed his brother, Paul Caneiro went on to allegedly kill Keith’s wife, Jennifer, and their two children. Paul Caneiro then allegedly set fire to his brother’s home, with the victims inside.
“The Colts Neck murderer deserves nothing less than the death penalty,” Sen. Steven Oroho said. “We can no longer ignore the public calls for action in gruesome cases like these. In 1992, New Jersey voters overwhelming enshrined the death penalty into the state constitution. However, Democrats overruled the will of the voters by banning the death penalty in 2007. Eliminating capital punishment has placed countless residents at risk. The horrible truth is that unless killers know the death penalty is on the table, there are monsters out there that will kill. In order to keep the public safe, we must reinstate the death penalty.”
Bucco/Oroho/Singleton Bill to Give Small Business Owners the Power to Cut Red Tape Passes Committee
Bipartisan bill would allow employers to challenge State Regulations that make it difficult to run a business in NJ
The Senate Budget Committee has passed bipartisan legislation sponsored by Senators Anthony Bucco, Steven Oroho, and Troy Singleton that would cut red tape for small businesses.
S-2345 would expand the scope of the existing New Jersey Regulatory Flexibility Act.
Bipartisan bill would allow employers to challenge State Regulations that make it difficult to run a business in New Jersey. (SenateNJ)
“Statewide small business owners face so many unnecessary bureaucratic hurdles. There is no denying that red tape is forcing job creators to leave New Jersey,” Sen. Anthony Bucco (R-Morris and Somerset) said. “This legislation would allow employers to have greater control of their destiny, making government less burdensome, and the economy more competitive.”
Kean & Oroho: First Amazon, Now Google. How Many Opportunities Will NJ Miss Before We Take Action?
Senate Republicans Call for Changes to Business Tax Policies in Wake of NYC Google Expansion Announcement
In light of yesterday’s Wall Street Journal report detailing Google’s plans to add 12,000 new jobs in New York City, Senate Republicans Tom Kean and Steven Oroho said that the expansion would cost New Jersey thousands of jobs and hundreds of millions of dollars in lost tax revenue.
Senate Republicans Tom Kean and Steven Oroho are calling for action following reports of Google’s plans to add 12,000 new jobs in New York City, which the senators said will cost New Jersey thousands of jobs and hundreds of millions of dollars in lost tax revenue. (WikiCommons)
“Given our state’s bad-for-business policies, it wasn’t a surprise that Amazon chose Long Island City over New Jersey, but the news of Google’s decision to expand to New York City is just as bad,” Senator Oroho said. “Many of these new Google employees will most likely choose to raise families in New Jersey, while paying income taxes in New York. That means we will lose out on the high-paying jobs that could have been created here, and the tax revenue we need to fund our schools.”
Oroho: Murphy Misses Unintended Consequences of Forced Minimum Wage Increases
Says Federal Tax Reforms Show the Right Way to Boost Pay
Senator Steven Oroho said that Governor Phil Murphy did not acknowledge the full impact of raising the minimum wage in a statement he issued today praising Amazon for lifting the pay of its U.S. employees to a minimum of $15/hour.
Sen. Steven Oroho said that Gov. Phil Murphy has not acknowledged that raising the minimum wage is likely to result in hourly workers losing other forms of compensation, including health benefits and performance incentives. (Pixabay)
“I am sure the Governor realizes that many hourly employees at businesses both large and small receive benefits, including health insurance, stock awards, and bonuses, that make the total value of their compensation much higher than just their hourly wage,” said Oroho (R-24). “While Governor Murphy is praising Amazon for increasing the wage portion of their employees’ compensation, he appears to ignore the fact that the company is eliminating other benefits at the same time to cover those increased wage costs. If other employers are forced by New Jersey elected officials to increase the wages they pay, they almost certainly will follow the example set by Amazon and reduce or eliminate other benefits like health insurance or bonuses to keep their labor costs from exploding.”
Amazon has confirmed that it is eliminating incentive-based monthly bonuses and restricted stock unit awards for hourly workers to coincide with their internal wage increase.
