Assemblyman Joseph Cryan (D-Union) released the following statement Monday after the Assembly Budget Committee heard from the Department of Labor on Gov. Chris Christie’s plan for a new Urban Enterprise Zone tax increase:
“Gov. Christie never hesitates when it comes to providing corporate tax breaks, yet he doesn’t seem to hold that affinity for businesses working to revitalize and create jobs in New Jersey’s most distressed urban communities.
“Under Gov. Christie’s philosophy, big corporations get tax breaks, but businesses trying to create private sector jobs in urban areas get tax increases. This approach is more than troubling.
“The governor’s proposed budget includes a new Urban Enterprise tax increase. The proposal sets the sales tax paid by zone-certified businesses on certain business-to-business transactions at 3.5 percent. This increase would raise a projected $70 million in additional revenue – and make fostering an improved economic climate and job creation in these communities even more difficult.
“To make matters worse, the administration was unable to detail an economic impact study on this projected tax hike to see what it would mean for businesses and workers.
“Whether it’s his opposition to a livable wage or his failure to resolve problems that are costing New Jersey waterfront jobs or his failure to promote job creation, this governor continues to make clear he is no friend to working class residents.”