Senate Republican Leader Tom Kean called on Governor Corzine to adopt a sales tax holiday to provide economic relief to New Jersey families and businesses. The governor dismissed a similar Republican proposal before last year’s holiday season.
“A sales tax holiday will save the average family $175 this year, according to the National Retail Federation,” Kean stated. “This sales tax holiday program should be part of an economic stimulus we adopt this year. It is especially timely given the fact that the stock market tumbled this morning, driven down mainly by dismal retail sales.”
The bill would establish three 10-day long periods of reduced sales and use tax throughout the year. During the sale tax holiday, the state sales and use tax would be reduced by half, down to 3.5 percent in most areas of the state and down to 1.75 percent in urban enterprise zones. The bill is modeled on a proposal advanced by the National Retail Federation.
“Governor Corzine must embrace new ideas to reinvigorate New Jersey’s economy,” Kean continued. “This program will put money back into the pockets of middle class taxpayers and generate more income tax revenue by saving jobs in the retail sector. This is a common-sense proposal, and I urge my colleagues in the Legislature and the governor to adopt it immediately.
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