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New Measures Would Implement Democratic Business Tax Cuts Included in Budget Plan

(TRENTON) — Senate President Stephen M. Sweeney and Assembly Speaker Sheila Y. Oliver on Monday announced they’ve scheduled voting sessions for Thursday to advance new job-creating Democratic business tax cuts and overturn Gov. Chris Christie’s job creation vetoes.

The Assembly and Senate sessions will be scheduled for 11 a.m. Thursday and streamed live here.

Both houses will move to override Feb. 18 vetoes by the governor on job creation and economic development bills approved by the Legislature as part of its Back to Work NJ package.

They will also advance new corporate tax reform legislation similar to the bills recently vetoed by the governor, only to be included in his proposed budget just four days later.

“The governor’s vetoes only strengthened the Democratic commitment to improving our business climate so that new companies can enter and new jobs can be created,” said Sweeney (D-Gloucester/Camden/Salem). “There is no good reason businesses have to wait another four months for good news, just so the governor can claim these good ideas as his own.”

“Nothing is more important to Democrats than job creation and reinvigorating New Jersey’s economy,” said Oliver (D-Essex/Passaic). “We have no problem moving the vital tax cuts that governor plucked from our plan, but this was a comprehensive plan to create jobs. We will not give up the fight, especially for working class residents.”

Both houses will consider the following new legislation:

  • A bill (A-3869/S-2753) to streamline corporate tax laws and encourage more businesses to locate in New Jersey by modifying the formula used to determine the corporate income subject to tax by the state from a three-factor formula to a single-sales factor formula. This is a slightly revised version of a bill (A-1637/S-1646) approved by the Legislature in January, only to be vetoed by the governor, then included in his budget four days later; and
  • A bill (A-3870/S-2754) to provide a vital tax break to the small businesses that employ many New Jerseyans by giving small business owners the same ability to recoup losses over 20 years that large corporations currently enjoy. This is a slightly revised version of a bill (A-3535/S-1540) approved by the Legislature in January, only to be vetoed by the governor, then included in his budget four days later.

The Assembly will move to override the following vetoes:

  • A-2215, to allow developers to receive low-interest New Jersey Economic Development Authority loans when building environmentally friendly buildings;
  • A-3353, to establish a fund to attract economic development projects to New Jersey;
  • A-3513, to establish a loan redemption program for students who enter fields suffering from labor shortages; and
  • A-3584, to create the “Back to Work NJ” job creation program to provide on-the-job training for out-of-work New Jerseyans.

The Senate will move to override the following vetoes:

  • S-690, to expand the state’s existing film and digital media production tax credit programs;
  • S-1216, to permits small, women or minority owned businesses located in designated regional centers to qualify for loans from EDA as if located in designated urban center;
  • S-2345, to expand the gross income tax exclusion for pensions, annuities and other retirement income for senior citizens;
  • S-2398, to direct the New Jersey Economic Development Authority and Commission on Higher Education to promote the establishment of higher education and business partnerships; and
  • S-2454, to provide tax credits for investing in New Jersey emerging technology businesses.

Both houses will be prepared to immediately consider override measures that pass the other house.