Support 20% Small Business Tax Deduction in New Jersey

May 31, 2023 Last Edit: June 5, 2025

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Support 20% Small Business Tax Deduction in New Jersey

Currently, New Jersey is the lowest-ranked state in the State Business Tax Climate Index, but new legislation is seeking to change that. The state is considering legislation that would allow business owners to claim a 20% deduction on qualified business income. The proposed legislation, modeled after the federal small business tax deduction, would provide real relief for small businesses already facing the absolute worst tax burden in the nation. Additional proposals would address New Jersey’s high Corporate Business Tax (CBT). If passed, this tax reform would mean more money back in the pockets of more business owners. Join NFIB in telling your lawmakers to pass this legislation and provide support for the backbone of the New Jersey economy!

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Topics:

Taxes

State:

New Jersey

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