When asked in a recent survey which State has the worst business climate, the nation’s corporate chief financial officers (CFOs) chose New Jersey.
. . .
The chief financial officers from across the country who participated in the survey said New Jersey has the most unfair and unpredictable tax environment among the 50 States. They also said New Jersey’s tax policies are the most likely to discourage companies from expanding or relocating their facilities there.
Adjacent states, like NY and Pennsylvania, received more favorable ratings. From an article in The New Jersey Business & Industry Association site (emphasis mine):
New Jersey employers paid $2.5 billion in Corporation Business Taxes in fiscal year 2003, more than double the $1.2 billion they paid in 2002 before the tax hike was imposed.
The most onerous provision of the tax hike, as mentioned above, is the alternative minimum tax or AMA. With CBT tax payments running well ahead of projections, the State should eliminate this grossly unfair provision, which raised $209 million last year.
Anyone listening in Trenton?