Friday, March 2, 2007

New Jersey Tax Update

NJ Legislature will move to formal consideration of property tax reform in 2006. Part of election promises, Senate President and Assembly speaker have created a plan that calls for four special committees to hold hearings with hopes that legislation could be enacted in the fall. Categories to be investigated include reduction of state and local school spending, public employee benefits, and state services.

Rumblings of a sales tax on professional services (ie: accountants, lawyers, Realtors®), and other service trades has been proposed, and summarily dismissed. However, write to your senators to voice against this possibility.

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