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.
Senate Passes Oroho, Van Drew Resolution Recognizing the 100th Anniversary of the NJ Farm Bureau
A Senate Concurrent Resolution sponsored by Senator Steve Oroho and Senator Jeff Van Drew that would recognize the 100th anniversary of the New Jersey Farm Bureau was passed by the full Senate today.
Bipartisan legislation sponsored by Sen. Steve Oroho and Senator Jeff Van Drew would recognize the 100th anniversary of the New Jersey Farm Bureau. (SenateNJ.com)
“We wouldn’t rightly be known as the Garden State without the 12,000 family farms that call New Jersey home,” said Senator Oroho (R-Morris/Sussex/Warren). “As the largest advocacy agriculture organization in the state, the Farm Bureau has fought tirelessly to protect and empower small farmers. On this centennial anniversary, we look back and recognize the important work of the Farm Bureau in preserving open space and promoting all that our farmers bring to the table. I like to say that we must do all we can to help keep the farmer on the farm, and the Farm Bureau certainly leads the way. This resolution is a wonderful way to express our gratitude and honor that tremendous legacy.”
Senate Approves Oroho Bill Package to Support NJ Agriculture Industry
The New Jersey Senate has approved two pieces of bipartisan legislation sponsored Senator Steven Oroho (R-24) that would support small businesses by establishing “food hub” opportunities for local farmers and promoting farm-to-table businesses Statewide.
Sen. Steven Oroho’s bill would support small businesses by establishing “food hub” opportunities for local farmers and promoting farm-to-table businesses Statewide. (SenateNJ.com)
The first bill, S-1953, would direct the Department of Agriculture to authorize and advise “Food Hubs,” which are businesses or organizations that actively manage the distribution and marketing of locally-made food products.
“Many small farms lack the tools to compete in a global agriculture economy,” Oroho stated. “One of the main constraints on New Jersey family farms is the absence of systems that move local produce into the mainstream market. The agriculture industry must become more innovative. A ‘food hub’ is designed around a multi-farm program that allows farmers to directly reach a greater number of consumers. By creating hubs, we can ensure our farmers remain on the pathway to success.”
Oroho, Space School Bus Gas Tax Exemption Bill to the Governor
School buses may soon be exempt from the state’s gas tax under legislation state Sen. Steven Oroho and Assemblyman Parker Space sponsor. The bill was approved today by the Assembly and now heads to the governor.
Sen. Steven Oroho and Assemblyman Parker Space sponsored legislation that would exempt school buses from the state’s gas tax. (SenateNJ.com)
“We’re now able to shift much more of the burden of paying for local transportation improvements from property taxpayers to the state,” said Oroho (R-Sussex). “Local officials can now undertake critical road and bridge repair projects without burdening property taxpayers with the full cost. This bill is another step forward in the right direction.”
Oroho Bill to Modernize Public Contracts Passes Senate
The Senate has passed bipartisan legislation sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) that would enable local entities to acquire goods and services using electronic bidding.
Sen. Steven Oroho’s bipartisan legislation would enable local entities to acquire goods and services using electronic bidding. (©iStock )
“New Jersey’s municipalities should embrace any technological tool that can increase government efficiency,” Oroho said. “Electronic procurement can help local governments streamline bidding processes. This method will save taxpayers money. It’s a smart way to utilize government resources. I hope that every local office that can use this tool will take the opportunity to do so.”
Oroho Bill to Prevent Power Outages Passes Committee
In light of the damage caused by numerous, disruptive storms that have ravaged much of the state in recent years, the Senate Budget and Appropriations Committee has passed bipartisan legislation sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) that would allow electric utility companies to trim trees around power lines in order to prevent unnecessary power outages.
Sen. Oroho’s bipartisan bill would allow electric utility companies to trim trees around power lines in order to prevent unnecessary outages. (SenateNJ.com)
Senator Oroho noted that during the brutal winter season of last year, tens of thousands of New Jerseyans were left without heat, hot water, and refrigeration for days at a time.
“Overgrown branches and shrubs are often the cause of unexpected power outages. We saw firsthand the damage that falling limbs can cause during the onslaught of severe weather events in our district in recent years,” Oroho said. “We must remove the red tape that prevents utility companies from trimming trees and managing troublesome vegetation. Passing this legislation gives us an important tool in helping to protect our homes and families from dealing with widespread power outages.”
