December 3, 2008
Asbury Park Press Reports on New Jersey’s Last Place Ranking in the State Business Tax Climate Index in Story on Employment
"Poll Finds Hiring Plans for NJ Employers at 18-Year Low"
By Bloomberg News Service
Twelve percent said New Jersey is a good place to expand their business, the lowest level in 25 years, while the biggest problem listed was the cost of doing business in the state.
Last month, the nonpartisan Washington-based Tax Foundation ranked New Jersey the worst in the nation for a second consecutive year in terms of how the tax system encourages investment. The state has the third-worst individual income tax, the 10th-worst sales tax and the worst property tax, the group said in a report.
Gov. Jon S. Corzine, a first-term Democrat, and state lawmakers have proposed measures aimed at making the state more attractive to business. Corzine Monday signed a bill extending the period in which companies can deduct losses from taxable income, as part of efforts to ease the tax burden on firms struggling with the U.S. economic slowdown.
