Tax deductibility for small businesses is a pressing concern in New Jersey, and the New Jersey Business and Industry Association is throwing its weight behind a bill to preserve this benefit for small businesses. The change is key to help keep New Jersey competitive.
“The New Jersey Business & Industry Association said Thursday it is supporting Assembly Bill 4807/Senate Bill 3246, which allows a refundable gross income tax credit for taxpayers earning income from pass-through businesses in a taxable year. “This bill will preserve the ability of thousands of New Jersey small businesses registered as S Corporations and Limited Liability Corporations to fully deduct their state income taxes following changes in the federal Tax Cuts and Jobs Act,” said NJBIA Chief of Government Affairs Chrissy Buteas.”
Shared by Geoffrey G. Gussis, Esq., a business lawyer and technology lawyer licensed in New Jersey and New York. Learn more about me, the legal services I provide, and articles I have written. Contact: firstname.lastname@example.org or (732) 898-0549 or (646) 389-2946 for a free consultation.
The materials available at or through this website are for informational purposes only and do not constitute legal advice. You should contact a licensed attorney in your jurisdiction to obtain advice with respect to any particular issue or problem. Use of and access to this website, or any of the information or links contained within the website, does not create an attorney-client relationship.