TRENTON — A tax break for New Jersey businesses will be included in the budget Gov. Chris Chrisite will present next month, he said in an interview that aired today on Fox News. "There will be tax cuts in this year’s budget for New Jersey business, and that’s good news for our businesses and trying to attract businesses to...
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Gov. Chris Christie delivers his State of the State address in the Assembly Chamber of the State House, in this January 2011 photo.TRENTON — A tax break for New Jersey businesses will be included in the budget Gov. Chris Chrisite will present next month, he said in an interview that aired today on Fox News.
"There will be tax cuts in this year’s budget for New Jersey business, and that’s good news for our businesses and trying to attract businesses to New Jersey," Christie said.
Christie announced in his State of the State address on Tuesday he would unveil his tax proposal when he presents his budget next month, but did not say which taxes he plans to reduce. In an interview with Fox News’ The Journal Editorial Report filmed on Wednesday, Christie gave a little more insight into what those cuts could include. His office would provide no further details on tax cuts being considered.
The Democrat-controlled Legislature finished the "Back to Work New Jersey" package last week, which includes hundreds of millions of dollars in corporate tax breaks and incentives. The biggest piece restructures the tax code to no longer require corporations headquartered in the state to pay income taxes on products sold elsewhere.
Christie offered mixed feelings on those bills, saying he is opposed to credits for specific industries but is still considering more broad proposals. Christie has previously warned that some of the tax cuts may not be possible if offsetting reductions to the budget can’t be made.
Senate President Stephen Sweeney (D-Gloucester) said in announcing tax cuts proposals of his own, Christie has conceded the state can afford the Democrats’ proposals. He added that Christie has previously supported tax credits that were industry specific.
"He’s making excuses on why he doesn’t like them," Sweeney said. "Just tell the truth, you don’t like them because Democrats sponsored them."
When asked about cutting the income tax, Christie said reductions might not come this year. Christie said the personal income taxes is hindering the state’s ability to attract businesses.
"I haven’t made a decision yet, it’s the difference between those kind of cuts and business, because we have a corporate business tax as well," Christie said.
Christie said the state’s corporate taxes are also make the state less competitive.
"What I’m asking my treasurer to analyze for me is which one he thinks is going to be more stimulative to job growth," Christie said. "Both can’t happen this year, because we have a constitutional requirement to balance the budget."
Before looking at across-the-board cuts to the income tax, Sweeney said Christie should sign a bill on his desk that cuts rates for senior citizens. By cutting aid to towns and schools, Sweeney said all Christie has done is force higher property taxes.
"We agree we need to make New Jersey more business friendly state," Sweeney said. "He’s taking a page out of (former Gov.) Christie Whitman’s playbook. It’s property taxes that are concerning people. He doubled the rate of property taxes in the state."
Christie will be on Fox News Sunday with Chris Wallace Sunday at 2 p.m.
Click here to view Christie's interview in The Journal Editorial Report.
Previous coverage:
• N.J. Assembly passes bill that could give companies major tax break
• Gov. Chris Christie may propose business, income tax cuts by next month
• Legislation to expand tax credit eligibility clears N.J. Senate committee