Lawmakers Push to Help Residents Who Pay NY Income Tax
Updated: Jul 4
They also want to encourage out-of-state businesses to move NJ workers to Garden State
May 19, 2023 | njspotlightnews.org
Photo Credit: Mohamed Hassan (From Pixabay)
A bill moving through the State House would allow New Jersey residents who successfully challenge out-of-state income taxes for a refund to also receive a credit worth up to half of that refund amount. The bill would also establish a $25 million pilot program to encourage out-of-state businesses that employ New Jersey residents to move those people to in-state locations. The measures are being considered as state leaders are trying to push back against New York’s congestion pricing proposal, which would create new tolls for drivers that enter lower Manhattan.
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NJ SEED: New Jersey’s efforts continue to counter NY City’s intention to institute a “congestion pricing” tax. Encouraging City businesses to relocate all or part of their operations to NJ may be the most effective way to combat NY’s aggressive taxing policies.