New Jersey’s revenue picture continues to brighten as tax collections remained strong in October. Numbers released by the state treasury show that income and sales-tax collections rose last month. Corporate business-tax collections decreased but are still up strongly year to date. Overall, total collections are up 25% compared to the same period a year ago.
Amazon has been expanding in New Jersey for years now but it looks like the company is ditching its plans for a major expansion in Jersey City. Amazon was in talks with the developer Mack Cali to lease 400,000 square feet of office space in Harborside, along the waterfront. But Bloomberg reports Amazon has pulled away from the deal. No immediate comment from the companies.
In Washington, the House is trying to pass the Build Back Better bill later this week, and today Democrats held a news conference to urge passage of the legislation. They focused on how the bill would address climate change by offering clean-energy incentives. New Jersey Congressman Josh Gottheimer says climate-related disasters cost American taxpayers billions. Democrats also say the Build Back Better bill will create new jobs. And the current version of the bill would lift the cap on SALT deductions to $80,000 a year, through 2030.
Gas prices have held fairly steady this week — but the steep rise over the past year has angered drivers. Today President Joe Biden asked the Federal Trade Commission to investigate what role oil and gas companies have in rising prices. The president says prices are rising at the pump even though industry costs are declining.
Meantime, there’s word the federal government is looking to boost the production of COVID-19 vaccines. The New York Times reported the administration plans to invest billions to increase manufacturing capacity. An official said expanded capacity would help in the fight against COVID-19 variants or other future viruses.
