By Lisa Calick, SPHR
New Jersey employers will soon be faced with new requirements to provide paid sick leave to all employees. Signed into law by Governor Murphy earlier this year, the new requirements will take effect on October 29th.
As stated in an earlier blog, this mandate applies to businesses of all sizes and requires employers to provide up to 40 hours of paid sick leave to employees, including part-time, temporary and seasonal employees. Businesses that do not currently...
On July 1, 2018, Governor Murphy signed New Jersey’s 2019 budget. Here are a few highlights of which you should be aware.
Increased income tax rate, effective for the 2018 tax year, to 10.75% for individual taxpayers whose incomes are at or above $5M
A temporary corporate business tax surcharge of 2.5% for 2018 & 2019 and 1.5% for 2020 & 2021
Effective for the 2018 tax year, an increase in the state property tax deduction cap from $10,000 to $15,000
By Michael Kroll, CPA and Larry DiPasquale, CPA, MST
The Tax Cuts and Jobs Acts has been a popular topic this year where the focus has been mainly on tax cuts. However, there is a lot more to the new tax law than just tax cuts. There are new provisions providing significant tax benefits for investments in so-called Opportunity Zones and below are the details you need to know.
Distressed Area Investment
The idea behind the Opportunity Zones program is to create tax incentives for...
By Lisa Calick, SPHR
Governor Murphy has signed a Paid Sick Leave Law, which will now require New Jersey employers of all sizes to provide up to 40 hours of paid sick leave to employees each year. Several municipalities already have existing ordinances requiring similar leave, however this new act will preempt those individual ordinances and provide a uniform benefit requirement statewide. The new law will take effect 180 days from the date signed, and will cover employers of all...
By Alexander J. Narcise and Michael Kroll
Under New Jersey’s Payment In Lieu of Taxes (“PILOT”) program (N.J.S.A. 40A:20-1), many distressed areas of the state are seeing a resurgence. The PILOT program allows municipalities to exempt developers from property taxes for a set period of time when making improvements to existing buildings or creating new projects in areas in need of redevelopment, aiming to encourage commercial, residential, and industrial development. Developers would...
Alstede Farms is highlighted in Day 10 of the #12DaysofGiving Celebration. Wiss is proud to celebrate this local farm based out of Chester, NJ that produces a huge variety of their own local fruits, vegetables and flowers using only sustainable and USDA certified organic production methods.
Today, more than 90 years after Hermann S. Alstede, Sr. immigrated to the United States from Germany, the Alstede Family maintains Hermann’s legacy of “rugged individualism” and the immigrant...
By Ruth Raftery
The much discussed bill raising the New Jersey gas tax by 23 cents per gallon was signed by Governor Christie on Friday October 14th. Although not as widely publicized, the new law provides for another major change – the complete elimination of the New Jersey state estate tax.
Up to now, and for the remainder of 2016, New Jersey has the lowest estate tax exemption in the country, subjecting estates worth more than $675,000 to estate tax at the time of death. By way...
By Amanda Dominguez
The only bad thing about tax credits is the possibility of missing out on one.
To make sure that doesn’t happen to your business, here is some background on the Grow New Jersey tax incentive and how it could affect your company.
Per-employee credits add up
The Grow New Jersey Assistance Program is offered through the state’s Economic Development Authority (EDA) to encourage businesses in technology, manufacturing, warehousing, research and development and other...