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(In Millions)

50% Phase-In Business Income/Loss Netting and Loss Carry-Forward Relief

$23.0

$67.0

$117.0

$167.0

$200.0

Three-Year Phase-In Single Sales Factor Reduce S Corporation Minimum Tax 25% Exempt “Non-Exempt” Cooperatives Increase R&D Credit to 100%

$24.0 $13.0 $0.2 $33.0

$38.5 $23.0 $0.3 $66.0

$60.5 $23.0 $0.3 $66.0

$87.5 $23.0 $0.3 $66.0

$98.0 $23.0 $0.3 $66.0

Exempt Installation and Support of Electronically Delivered Business So tware

$2.5

$5.0

$5.0

$5.0

$5.0

Raise Exemption to $1 Million

$11.5

$23.0

$23.0

$23.0

$23.0

Allow the Technology Business Tax Certi icate Transfer Program to be allocated $60 million instead of the FY11 amount of $30 million

$30.0

$30.0

$30.0

$30.0

$30.0

Phase-out over three years

$62.0

$123.0

$245.0

$245.0

$245.0

$199.2

$375.8

$569.8

$646.8

$690.3

  • *

    Estimates based on 2007 data and do not reflect projections of growth in tax bases, inflation,

demographics, or dynamic scoring. Proposals become operational on January 1, 2012.

Over the past decade, local government spending grew at an extraordinary, unsustainable rate. Despite billions of dollars in State education and municipal aid, uncontrolled spending at the local government level led to a 70% increase in property taxes on New Jersey families. Today, New Jersey taxpayers continue to pay the highest property taxes in the nation.

Governor Christie recognizes the ongoing property tax problems confronting New Jersey families. The Governor and Legislature enacted a hard, 2% cap on property taxes to attack the underlying causes of the property tax crisis and deliver lasting relief to taxpayers. Governor Christie is also providing direct relief for New Jerseyans by including funding to double the Homestead Benefits Program.

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