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Post details: New Jersey --Multiple Taxes: Governor Signs Budget Package
07/02/07
New Jersey --Multiple Taxes: Governor Signs Budget Package
CCH (cch.taxgroup.com) reports:
On June 28, 2007, New Jersey Governor Jon S. Corzine signed the $33.47 Fiscal Year 2008 Appropriations Act, which does not include any tax increases but funds property tax relief; provides an expansion of the state earned income tax credit; allows the alternative minimum assessment, net operating loss, and subchapter S provisions that were enacted as part of the 2002 corporation business tax reforms to expire; and repeals the sales tax on memberships at non-profit health clubs and certain parking services.
Related legislation regarding gross (personal) income (S.B. 2647) (TAXDAY, 2007/07/02, S.18) and sales and use taxes (S.B. 2269 and S.B. 2289) (TAXDAY, 2007/07/02, S.17), which are funded by the Appropriations Act, are covered in related stories.
S.B. 3000, Laws 2007, effective July 1, 2007; News Release , State of New Jersey Office of the Governor, June 28, 2007.
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