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 Posted: Thu, Aug 7 2008, 3:22 pm EDT Post subject: Re: Getting the Big Picture in the Battle Over BlackRock |
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| NJBIZ wrote: | Financial-services firms think globally and value access to intellectual capital, says veteran real estate broker Robert Rudin, who is vice chairman and director of consulting at Cushman & Wakefield in East Rutherford. .
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The new Council on Affordable Housing legislation has punitive taxes that are not positive for development in the state. The Department of Environmental Protection still presents a series of challenges, and permitting in the state remains an issue.
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Interesting about COAH. NJ needs to overhaul the terrible laws that are in place concerning low-moderate income housing. |
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Post Atlantic City
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| Posted: Mon, Oct 6 2008, 6:19 pm EDT Post subject: Tax group ranks New Jersey least business-friendly state |
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Tax group ranks New Jersey least business-friendly state
By KEVIN POST Business Editor, 609-272-7250
Published: Monday, October 06, 2008
After years as one of the states least friendly to business, New Jersey has finally hit bottom.
It ranked dead last in the latest State Business Tax Climate Index, released today by the nonpartisan Tax Foundation, based in Washington, D.C.
New Jersey came in 49th last year and since 2003 hasn't ranked higher than 47th in the index, which measures how well a state's tax system encourages investment by maintaining a broad tax base and low rates.
The timing of New Jersey's discouragement of business couldn't be worse, with the economy tumbling into a recession that might be deep and long.
"States with the best tax systems will be the most competitive in attracting new businesses and most effective at generating economic and employment growth," Joshua Barro, the Tax Foundation economist who produced the index, said in an accompanying statement.
The business-friendliest states were Wyoming, South Dakota, Nevada, Alaska, Florida, Montana, Texas, New Hampshire, Oregon and Delaware. Those nearest 50th-place New Jersey were New York, California, Ohio, Rhode Island, Maryland, Iowa, Vermont, Nebraska and Minnesota.
Barro will be at the N.J. Statehouse in Trenton this morning to announce the survey and brief any interested legislators.
Later in the day, legislative committees are expected to consider tax reform bills that would constitute small steps toward making the state more attractive to investment.
An Assembly bill would eliminate a current tax provision that encourages companies to move their operations out of state.
New Jersey's corporate business tax is applied to sales of any company that take place within the state. Companies with employees and facilities in the state pay additional business tax on those, and the Assembly bill would eliminate the extra tax.
Another measure in the state Senate and Assembly would allow companies to deduct a current loss from future income for as many as 20 years instead of the current seven years.
The federal government and half the states already allow businesses 20 years to deduct losses.
Both measures are supported by the N.J. Business & Industry Association, which called them "what New Jersey businesses need in these tough times."
http://www.pressofatlanticcity.com/106/story/276997.html |
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