PARSIPPANY — New Jersey’s corporate tax surcharge was a bad idea when it was implemented – it’s a bad idea now and it should be eliminated, says former Assemblywoman BettyLou DeCroce who is campaigning to return to the statehouse in a newly redrawn legislative district that spans Morris and Passaic Counties.
DeCroce, a Republican, said that the liberals think tank New Jersey Policy Perspective is campaigning to maintain the tax surcharge, which dings business for $664 million a year. “One thing I learned about liberal activists while I was in Trenton is that they want more taxes and they want every tax to be permanent and never disappear. That’s bad policy,” said DeCroce.
DeCroce said New Jersey’s economy suffers from a worst-in-the-nation business climate rating by the Tax Foundation and other economic evaluators. “Anything that the state can do to improve its tax structure and demonstrate to the business community that the state is not anti-business is a desperately needed step in the right direction toward greater economic growth,” said DeCroce, a small business owner.
In 2018, state lawmakers amended the corporate tax code by adding a 2.5 percent surcharge on profits over $1 million. The state’s top corporate tax rate was 9% for net income over $100,000 but the 2018 surcharge pushed the tax to 11.5% — among the highest in the nation.
“I opposed the tax surcharge in 2018 and I will continue to oppose more taxes on the job creators who are already in New Jersey or want to come to New Jersey,” said DeCroce.
The new District 26 includes the following municipalities: Morris County: Boonton Denville, East Hanover, Hanover, Florham Park, Lincoln Park, Mountain Lakes, Montville, Morris Plains, Parsippany, Pequannock, and Riverdale. In Passaic County: Bloomingdale, Pompton Lakes, Ringwood, & Wanaque.
