Senator Welcomes New Effort to Kill ‘Throw-out’ Rule
Senator Steven V. Oroho (R-Sussex/Morris) welcomes new legislation that would give a major boost to efforts to eliminate the “throw-out” rule, which forces some corporations to pay New Jersey business tax on income made in other states.
“Five months ago, Senator Steve Sweeney and I teamed up to push S-1874, a bill that would bury the job-killing throw-out rule,” Oroho said. “Now I’m pleased Senate President Dick Codey is backing S-3, a new bill that would end the throw-out rule, just like the legislation that Senator Sweeney and I introduced.
“This is a vitally needed reform. Broad, bipartisan support will help push it into law that much faster. Governor Jim McGreevey signed the legislation that authorized the ‘throw-out rule’ in 2002. Business groups say the tax was and is one of the biggest impediments the state faces in trying to lure companies and jobs.
“Earlier this month, the Tax Foundation released a report that ranked New Jersey dead last for the second year for the business friendliness of its tax code. The Foundation said New Jersey ’suffers from high tax rates, narrow tax bases, and distortionary tax rules that interfere with the functioning of the economy.’ No wonder our state has lost so many private sector jobs over the last few years.”
“I look forward to repealing the throw-out rule and other initiatives that have slowed what was once the most vibrant economy on the East Coast. Bipartisan support is vital to achieving this goal. That’s why I welcome any effort at needed reform.”
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October 15, 2008
