State Sponsored Disincentives Stifled Jobs Creation
Senator Steve Oroho, a member of the Senate Budget and Appropriations Committee, applauded the unanimous passage of S-3 today, which eliminates the throwout rule used to determine a businesses tax liability.
“The establishment of the throwout rule by the McGreevey Administration in 2002 is exactly the kind of misguided policy that has led to an absolute, statewide decline in private sector jobs.
“All sectors of the economy are shedding jobs as the failures in the financial services sector begin to cascade through the state’s economy. In fact, according to published reports in the Star Ledger, New Jersey could have fewer private sector jobs at the end of the decade than it had when the decade began.
“While not solely responsible, the actions of state government, in the early part of the decade, have led to New Jersey being affected earlier and more severely in this recession
“The elimination of the throwout rule is a necessary step to repair private sector job growth and return New Jersey to prosperity, but much more needs to be done.”
The throw out rule allowed New Jersey to tax corporate revenues earned in other jurisdictions as long as the other jurisdiction did not tax that revenue.
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January 29, 2010
