NJBIA Statement on NJ’s Standing in Tax Foundation 2020 Business Tax Climate Index

New Jersey Business & Industry Association President and CEO Michele N. Siekerka issued the following statement today regarding the announcement of New Jersey’s continued last-place standing in the Tax Foundation’s 2020 State Business Tax Climate Index. The study observes the impacts of property taxes, corporate taxes and income taxes in each state. The report also weighs the complexity of each state’s tax system and how it impacts business growth.

“The fact that New Jersey is dead last in the country for tax climate for a fifth straight year is not surprising, yet no less disappointing. New Jersey has tremendous assets that we are extremely proud of. But as the Tax Foundation study verifies, we are beyond paying a super premium for these advantages. We are well beyond the tipping point for affordability in this state and yet, even during a continued economic upswing, there is still talk about adding new taxes to our annual budget.

“As the report states verbatim: ‘Taxes matter to business.’ They also matter to residents. As long as New Jersey continues along this disappointing path, we will continue to be non-competitive in our region, we will continue to drive away businesses and residents and we will continue to be unaffordable.”