percent surcharge on taxes paid and accountability of federal stimu-
Business braces by residents with incomes of lus money available to New Jersey.
Tax surcharge is
for state budget $250,000 or higher, Sen. Stephen Lawmakers will discuss what supposed to expire
Sweeney (D-West Deptford) told state projects are being considered
Business owners are bracing for Bloomberg News. Corzine staffers for funding and the deadlines for A three-year-old temporary sur-
March 10 when Gov. Jon S. Corzine have repeatedly said “everything applying for the money, Roberts said. charge that businesses pay on the
proposes a state budget that could is on the table” to balance a “It’s imperative that New Jersey Corporation Business Tax is sup-
include an income tax hike on resi- budget deficit they claim is as take advantage of every federal dol- posed to expire at the end of June, “We’re asking small
dents who make more than large as $7 billion. lar available,” Roberts said. “Our but business leaders aren’t holding business to ride out
$250,000, as well as tax hikes on cig- Corzine is also considering a future will be shaped by how effec- their breath that Gov. Jon S. Corzine
arettes and liquor. 10-cents-a-pack increase in the tively we spend this money, and will let it die. a Category 5 storm
“We appreciate the fact that state’s $2.58-a-pack cigarette levy President Obama has made it clear “It certainly wouldn’t be sur- with little more than
he’s looking at everything,” said and higher taxes on liquor. He is that he will hold everyone account- prising if it were to be extended,” said a life vest.”
Debra DiLorenzo, president of the also mulling a wage freeze and 12 able. Ensuring proper oversight and Mary Ellen Peppard, manager of
Chamber of Commerce Southern days of unpaid time off for state accountability is our role, and we government relations at the New Jer-
New Jersey. “But given reports on workers; and suspending property will make sure we do this right.” sey Chamber of Commerce. Laurie A. Ehlbeck, state
out-migration of the state’s highest tax rebates for everybody but sen- Roberts expects Monday hear- Business leaders will find out director, National
earners, I don’t think it’s a good idea iors and the disabled. – Scott Goldstein ings to focus on federal aid available March 10 if Corzine intends to end
to raise the income tax on them.” to New Jersey for health care, higher the surcharge when he presents a
More than half the businesses education, renewable energy, eco- proposed state budget.
in the state, such as S corporations,
Committees focus nomic development and housing. The surcharge generates New Jersey, on the
are structured so taxes are paid on stimulus spending Thursday’s hearings are more than $100 million in a good amount of relief for small
through the owner’s income taxes, expected to involve testimony on business year, according to the businesses in the federal
said Philip Kirschner, president of TRENTON — Assembly Speaker transportation projects, education, New Jersey Business & Industry stimulus funding.
the New Jersey Business & Industry Joseph J. Roberts Jr. (D-Camden) environmental infrastructure proj- Association.
Association. “It’s a bad idea all- announced that Assembly commit- ects, human services and making The surcharge was implement-
around,” he said. tees will devote their hearings Mon- state buildings more energy effi- ed in 2006 in the Corzine adminis-
Corzine is considering a 5 day and Thursday to ensure oversight cient. – Scott Goldstein tration’s first budget. – Scott Goldstein