NFIB was successful in efforts to reduce the tax burden on New Jersey business owners
- Stopped the $1 billion payroll tax. This saved businesses $260 per employee per year
- Increased the estate tax exemption threshold from $675,000 to $2,000,000 with complete elimination in 2018
- Decrease in the sales and use tax to 6.875% from 7% and will decrease again on January 1, 2018
- Residents 62 and over can exempt $40,000 from retirement income(up from $20,000). In 2020 $100,000 will be
exempt. Separate filers can exempt $20,000
- NFIB successfully reduced the minimum tax burden of S-Corps by 25%
- Stopped income tax increase from 8.87% to 10.75%
Paid Family Leave Expansion
This legislation would have expanded the current Paid Family Leave law by increasing the amount of the weekly benefit and lengthen the leave time for 6 weeks to 12 weeks. In addition to using this leave for their own illness, or to recover from childbirth or care form a new baby, employees would be able to take leave to care for sick siblings, in-laws, grandparents, grandchildren or another family member who is a victim of abuse.
Fraudulent Electronic Fund Transfer (EFT) Protection
Business owners are now able to recover payment from fraudulent EFTs, including the amount owed, court costs, damages, and attorney's fees.
Unemployment Insurance Task Force
Recommended legislation is expected to save small business $450 million. Without this, small business would have to pay $300 per employee.
Minimum Wage Increase
NFIB is fighting to stop efforts to increase the minimum wage to $15 per hour and index it to inflation. Raising minimum wage disproportionately hurts small businesses and their employees.
- NFIB is aggressively fighting tax increases
- NFIB strongly opposes the repeal of the phase out of the New Jersey Estate Tax
- NFIB is fighting to stop the creation of a new millionaire's tax to raise state revenue
NFIB is fighting to give small business a seat at the table when new regulations are being developed. It costs small business 60% more per employee ($7000 per employee) than larger firms. Most employers do not find out about new regulations until after they take effect.
Labor Mandates Predictive Schedule
NFIB is strongly opposing a proposal placing restrictions on how employers handle scheduling employees. This would require employers to post work schedules at least two weeks in advance. Any changes within this window and the employer would have to pay the employee.