S2130

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.

TRENTON – The full Senate today approved a bill sponsored by Senate President Richard J. Codey and Senator Barbara Buono that would aid struggling businesses during the current economic crisis, and help New Jersey’s business environment remain competitive with other neighboring states. The Senate 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.

“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.”

TRENTON – The Senate Budget and Appropriations Committee today approved a bill sponsored by Senate President Richard J. Codey and Senator Barbara Buono that would aid struggling businesses during the current economic crisis, and help New Jersey’s business environment remain competitive with other neighboring states. The committee 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.

“At the very least, from an economic standpoint, this bill will put us on par with other states, particularly our surrounding neighbors,” said Senator Codey (D-Essex). “Hopefully, it will encourage new businesses to set up shop here, help keep some of our struggling businesses in state and promote further investment. With nearly everyone feeling some effects from the current economic crisis, this bill is extremely timely. Hopefully, we can get it approved by both houses shortly to provide a life preserver for businesses struggling to stay afloat until the current tempest subsides.”