Contact Us
Make My Homepage

NJ’s Business Tax Climate: Almost Worst in the US [AUDIO]

The business tax climate in New Jersey ranked 49th this year out of all 50 states, according to a new report from the Tax Foundation. Only New York received a lower score.

The report looks at the way states structure their tax codes to make them friendly for businesses.

2014 State Business Tax Climate Index
Tax Foundation

“This year, New Jersey and New York are virtually tied for the worst business tax climate in the country,” said Scott Drenkard, an economist with the Tax Foundation.

New York, however, has the potential to jump in front of New Jersey this fiscal year, given the creation of Governor Andrew Cuomo’s tax reform commission.

“In order to remain competitive with New York, New Jersey will have to vamp up their own tax reform efforts,” added Drenkard.

Much of the blame was placed on the Garden State’s income tax rate and its highest-in-the-nation property taxes. On a scale of 1 to 10, New Jersey’s tax code scored a 3.45.

“The goal of a good tax code is to be economically neutral,” said Drenkard. “That means you want to collect revenue for necessary government services, but you don’t want the way that your taxes are collected to influence the way businesses act.”

A property tax fix would obviously take years, but Drenkard said a more immediate solution would be a reduction in New Jersey’s corporate income tax rate, which only brings in a small portion of state and local revenue each year.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!