From bnd.com
| Top New Jersey lawmaker proposes raising business tax rates |
New Jersey businesses earning more than $1 million would see their corporate tax rates go up, with proceeds going toward school funding under a proposal Senate President Steve Sweeney unveiled Tuesday
Sweeney, a Democrat, said the measure would allow New Jersey to capture funding that businesses are expecting to receive thanks to the federal tax overhaul, which lowered corporate rates from 35 percent to 21 percent.
The move is expected to bring in $657 million in new revenue for New Jersey, Sweeney said. He wants to use the money to help fund schools, with some of the new revenue going toward special education and pre-school.
“We’re not increasing their costs,” Sweeney said. “This is a windfall. We’re asking for a portion of the windfall to help taxpayers.”
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