Business groups are applauding Gov. Phil Murphy’s comments this week on Bloomberg TV that he may support letting the corporate-business tax surcharge sunset at the end of this year. The tax rate is currently 11.5%, the highest in the country. When the surcharge was introduced in 2018, it was supposed to be temporary, until the Legislature extended it through the end of this year. Dropping the tax rate back to 9% would make the state more competitive and more affordable, according to New Jersey Chamber of Commerce CEO Tom Bracken.
Sen. Paul Sarlo (D-Bergen) will co-sponsor legislation introduced by Sen. Troy Singleton (D-Hunterdon) to reform New Jersey’s liquor license system, which the governor is pushing for. The bill outlines how municipalities would proceed with the transfer of additional licenses. Sarlo says the state should also consider permitting the Economic Development Authority to allow for the use of low-interest loans for small family businesses to invest in liquor licenses.
Environmental groups in New Jersey plan to appeal this week’s decision by the Federal Energy Regulatory Commission, allowing a unit of the Williams Company to expand the so-called Transco pipeline project in the state. The federal decision came even as the state Board of Public Utilities had said the expansion was not needed. For more on this story, read energy and environmental writer Tom Johnson’s story here.
Another company is calling New Jersey home. Fintech company Bluevine opened its new headquarters in Jersey City this week. CEO Eyal Lifshitz says New Jersey is the perfect place to expand.
