The business community can breathe a sigh of relief. Maybe.
Gov. Phil Murphy, in a phone interview with ROI-NJ on Wednesday to discuss his new tax incentive proposals, said he has no plans to increase taxes on businesses as part of next year’s budget.
“It’s too early to tell, but as we sit here on Jan. 16 — by the way, the one-year anniversary of (my) being governor — it’s too early, because we haven’t put the budget pieces together.
“But I don’t have any plans to increase any taxes on the corporate community.”
In December, the governor was asked if he would be increasing taxes in 2019, to which he replied that “everything is on the table.”
Last year, during budget negotiations, the state shut down over issues with a phased-in increase to the corporate business tax that will last the next four years — the effects of which will first be realized this coming October, after corporations file their taxes.
Leaders in the state’s business community repeatedly have said any additional taxes could further damage the state’s competitiveness and worsen an already poorly rated business climate.
