Jersey CPAs back Sweeney’s plans to boost NJ economy

A survey of New Jersey Accountants finds strong support for three tax recommendations made by State Senate President Steve Sweeney's Economic and Fiscal Policy Workgroup.

New Jersey Society of CPAs President Ralph Albert Thomas says many members support ideas they helped to develop — especially tax incentives for small businesses.

"If you think of 10 percent of these small businesses hire one additional person, just think about the impact that that could have on the New Jersey economy," he said.

The Sweeney group also recommended property tax relief programs that are spread more equitably. Another recommendation: the enabling of S corporations, LLCs and partnerships to pay state taxes equivalent to the gross income taxes of owners and partners. S corporations are ordinary business corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Commenting further on the recommendations, Thomas added, "they address some of the issues that businesses and individuals are concerned about, living in New Jersey."

Thomas said CPAs hear from small businesses all the time, so they have a unique perspective.

Joe Cutter is the afternoon news anchor on New Jersey 101.5