Sarlo Welcomes Murphy’s Support in Ending the CBT Surcharge

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Trenton – Senator Paul Sarlo, Senator Sarlo today welcomed the Governor’s support in ending the corporate business tax surcharge when it expires at the end of this year.

 

Senator Sarlo, who chairs the Senate Budget Committee, announced in December at a forum hosted by the NJBIA that he would ensure the sunset of the 2.5-percent surtax on the 9-percent corporate business tax for companies making more than $1 million in taxable income.

 

“I welcome the Governor’s support in ending the surcharge when it expires at the end of the year,” said Senator Sarlo. “That was our intention when it was first implemented and I reinforced that commitment in December. It’s important that we keep our promises so the business community can plan and operate with certainty. Removing the surcharge will provide tax relief that will help fuel the economy and continue to ensure that New Jersey is an affordable place to operate.”