NFIB Strongly Backs Bill Sponsored by Senate Majority Whip Troy Singleton to Provide Tax Relief for New Jersey’s Small Businesses

April 13, 2023

NFIB Strongly Backs Bill Sponsored by Senate Majority Whip Troy Singleton to Provide Tax Relief for New Jersey’s Small Businesses

FOR IMMEDIATE RELEASE TRENTON (April 13, 2023) – The National Federation of Independent Business (NFIB), New Jersey’s and the nation’s leading small business advocacy association, today praised Senate Majority Whip Troy Singleton (D-7th District) for introducing legislation that would provide tax fairness and relief for New Jersey’s hard-pressed Main Street businesses. In announcing his proposed bill, S-3757, Sen. Singleton had noted that, “Small business are the lifeblood of our communities. They not only employ our neighbors and give personality to our main streets, they give back to the towns they call home and drive our state’s economy.” NFIB State Director Eileen Kean saluted Singleton and announced NFIB’s strong support for the legislation: “NFIB commends Senator Singleton for his leadership in supporting New Jersey’s small businesses. S-3757 will provide tax fairness and relief to small businesses regardless of the way they file their taxes and no longer disadvantage them with a one-size-fits-all approach designed for larger companies and corporations.” “Small business owners in New Jersey have been hit with the COVID pandemic, state mandated closures and restrictions, record levels of inflation, worsening tax burdens, and worker shortages, and Sen. Singleton’s bill will provide Main Street with some much-needed relief,” continued Kean. “All politicians claim to support small businesses at election time, but Senator Singleton ‘walks the walk’ in word and action in Trenton.” “As local job creators continue to navigate unprecedented economic headwinds, NFIB remains committed to working with the legislature and Governor Murphy to address the significant challenges small business owners and their employees face,” said Kean. “We strongly support Senator Singleton’s efforts to protect and strengthen small businesses and hope and expect his bill will receive wide and bipartisan support.” S-3757 would follow the federal small business tax deduction, allowing certain business owners organized as pass-through entities (partnerships, s-corps, LLCs, and sole proprietors) to claim a similar deduction on their state tax returns starting in 2023. Under the federal income tax deduction, which would be incorporated into the state’s income tax with this legislation if enacted, small business owners’ income must be under $182,100 for single filers or $364,200 for joint filers. IRS rules would use several factors to determine whether a small business owner’s income qualifies for a partial or full deduction. The vast majority of small businesses are organized as pass-through entities and provide nearly 60% of private sector employment in New Jersey.

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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.

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State:

New Jersey

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