27 Jan: Buono: Small Businesses, Not Big Corporations, Should Be Our Top Tax Cut Priority

TRENTON – Senate Majority Leader Barbara Buono today challenged Governor Christie to prioritize the needs of small businesses across the state by signing bipartisan legislation she sponsored that could amount to the largest small business tax cut in state history.

Buono said she was troubled by the many recent reports in which the governor said he would prioritize a lowering of the state’s 9-percent corporate tax rate in his upcoming budget. But, she noted that many small employers are not incorporated and do not file their taxes under the corporate code.

Senate Budget and Appropriations Committee Chairman Paul A. Sarlo, D-Bergen, Essex and Passaic, and Majority Leader Barbara Buono, D-Bergen, listen to testimony before the Senate Budget panel.

15 Nov: Buono Bill To Modernize Tax Code For Small Businesses Gets Senate Committee Ok

TRENTON – Legislation Senator Barbara Buono sponsored to provide sole proprietors and other small business owners with a tax cut by requiring the tax code to treat them the same way as it does larger corporations was today released by the Senate Budget and Appropriations Committee.

Under current law, New Jersey’s personal gross income tax is calculated through 16 separately defined categories of income. However, unlike the federal tax code and the tax laws of 48 other states, state tax law does not permit filers who generate income from different types of businesses to offset gains derived from one business entity with losses sustained from another.