In The News
Singleton Bill Would Let Small Biz Deduct COVID Health, Safety Purchases From Taxes
TRENTON, NJ – Senators Troy Singleton and Nilsa Cruz-Perez this week introduced legislation that would allow owners of small businesses, with 50 or less employees, to deduct purchases made to maintain health and safety compliance for the COVID-19 pandemic from their corporation business and gross income taxes.
Legislature Weighs Tax Breaks For COVID Expenses, Sale Of NJ Stock
Lawmakers are moving ahead with two tax bills to help offset the costs to businesses for retrofitting their operations because of COVID-19 restrictions, and another creating tax exemptions for the sale of stock in New Jersey companies.
Singleton Bill To Increase Renters' Property Tax Deduction Advances
TRENTON, NJ – In an effort to make renting more affordable, the Senate Community and Urban Affairs Committee on Monday unanimously advanced legislation sponsored by Senator Troy Singleton that would increase rent constituting property taxes from 18 percent to 30 percent to deduct from one's gross income tax payments.
More Families Eligible For Child And Dependent Care Tax Credit
Gov. Phil Murphy signed legislation (S4065/A6071) which makes more New Jersey families eligible for the state’s Child and Dependent Care Tax Credit. The legislation will make taxpayers with incomes of $150,000 or less per year who incur expenses for childcare and other household expenses eligible for the credit in tax year 2021. Under current law, only taxpayers with incomes of to $60,000 or less are eligible. The expanded state credit is based on the federal credit which underwent a significant expansion for tax year 2021 through the American Rescue Plan.
Singleton Bill To Make More Families Eligible For Child Care Tax Credit Signed Into Law
TRENTON, NJ — As part of an effort to help working families recover from the economic impacts of COVID-19, Governor Phil Murphy on Friday signed legislation (S4065/A6071) that will make significantly more New Jersey families eligible for the state’s Child and Dependent Care Tax Credit. The legislation will make taxpayers with incomes of $150,000 or less per year who incur expenses for childcare and other household expenses eligible for the credit for starting in tax year 2021. Under current law, only taxpayers with incomes of to $60,000 or less are eligible. The expanded state credit is based on the federal credit which underwent a significant expansion for tax year 2021 through the American Rescue Plan.
Lawmakers, Advocates Push For Prescription Drug Affordability Board
Supporters say board would review prescription affordability and set limits on cost of medications
State Senator Pushes Lawmakers To Pass Legislation To Help Lower Costs Of Prescription Drugs
Time is running out for the state Legislature to pass a bill that advocates say will help lower sky-high prescription drug costs. But pharmaceutical companies say that the measure would be bad for consumers.