In the last several months, the NJ State Chamber of Commerce conveyed our concerns to our State Legislators and the Murphy Administration regarding the financial impact of A-4495 on our New Jersey companies.

While we are discouraged with the signing of this “cleanup” legislation, we will continue to assess and collect data from our members and provide that feedback to our policymakers.

In the Governor’s issued statement he conveyed “that newly taxing GILTI may disproportionately impact certain New Jersey taxpayers” and that his “Administration will continue to evaluate the impact of our tax treatment of GILTI on New Jersey businesses and our competitiveness in the region”.

The State Chamber believes this issue is far from over and the evaluation process will shed light on the true impact of this measure on New Jersey job providers.