TRENTON –Senate President Richard J. Codey today applauded the Assembly for unanimously passing a bill, which he has sponsored in the Senate, to aid struggling businesses during the current economic crisis and help New Jersey’s business environment remain competitive with other neighboring states. The Assembly approved bill S-2130, which would increase the time period in which a net operating loss (NOL) can be deducted from a corporation’s business tax, from seven to twenty years.
“I applaud the Assembly for joining us in passing this bill quickly and overwhelmingly. Now more than ever, this bill is desperately needed,” said Senator Codey (D-Essex). “With many businesses struggling and others facing still unforeseen losses, we need to do all we can to help them weather the storm. This bill will also help New Jersey stay competitive with many of our neighboring states that have similar provisions. Hopefully, it will also encourage new businesses to set up shop here and promote further investment. We can’t expect to solve a crisis of global proportions on the state level, but we certainly should take whatever actions are in our reach and this is one of them.
The bill now heads to the Governor for his signature. The act would then take effect immediately and apply to net operating losses accrued for privilege periods ending after June 30, 2009.
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