BUSINESS LEADERS CONTINUE TO SCORN NEW JERSEY’S BUSINESS CLIMATE
CFO State Tax Survey Ranks New Jersey Second Worst in Nation

Senator Joe Kyrillos, (R-13), issued the following statement in response to a recent CFO State Tax Survey that ranked New Jersey second behind California as the state with the worst tax climate. The survey was sponsored by Boston-based CFO Publishing and asked corporate tax officials for their impressions of states’ handling of tax-related issues.

"Once again New Jersey is ranked at the bottom of the pack by business leaders who rightfully believe our environment is bad for business. Too many large corporations are looking to expand outside of the state, and small businesses are opening elsewhere.

While New York State and City are cutting taxes, New Jersey is raising taxes, and we are scratching our heads wondering why we created half as many jobs in 2006 as in 2005.

How many reports like this do we need for Governor Corzine and other state leaders to realize that we need a new strategy to attract businesses to New Jersey. It is time to move beyond rhetoric and act. More specifically, we need to enact strategic tax cuts that will help foster business growth and development along with regulatory reform that will free large corporations and small businesses to create new jobs for New Jersey residents.

I can't over emphasize the sense of urgency that needs to take place with the Governor and the Legislature on this issue. We are not only competing with other states for business development, but with countries throughout the world. The stakes are too high to just sit on our hands and wait to see what happens. Our very quality of life is threatened if the business climate in New Jersey continues to decline. This is a race we simply can’t afford to lose.
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For more information, please contact Courtney Fagan at 732-671-3206