Volume 6/Issue 4

  • Assemblyman Singleton Named Chairman of State and Local Government Committee
  • Senate Leaders Introduce Bill to Close Tax Loopholes on Multi-State Corporations
  • New Legislator Profile: Andrew Zwicker
  • NJ Unemployment Rate Falls to 5.1%

Assemblyman Singleton Named Chairman of State and Local Government Committee

River Crossing Strategy Group congratulates Assemblyman Troy Singleton on being named as the new chairman of the Assembly’s State and Local Government Committee.

The committee focuses on policy and legislation that directly impacts state and local government as well as ethics, pensions and election-related issues.

We look forward to working with the Assemblyman in his new capacity along with his continued service as the Vice Chairman of the Assembly Education Committee.

Senate Leaders Introduce Bill to Close Tax Loopholes on Multi-State Corporations

Senator Raymond Lesniak, Senator Linda Greenstein and Senate Budget Committee Chairman Paul Sarlo have introduced legislation, S61, to enact a "combined reporting" tax law.

The legislation is designed to limit the ability of multistate corporations to shift their profits to other states that have lower tax rates or no corporate taxation at all, usually by creating subsidiaries in those states that only exist for tax purposes. According Senator Lesniak, the absence of such a policy has cost New Jersey up to $200 million in lost revenues each year.

Combined reporting treats the parent company and subsidiaries of multistate corporations as one entity for state corporate income tax purposes. The entirety of their profits are added together and the state then taxes the share of the combined income generated in New Jersey.

If enacted, New Jersey would join 25 other states and the District of Columbia in putting a combined reporting law on the statutes.

New Legislator Profile: Andrew Zwicker

Assemblyman Zwicker is a lifelong New Jersey resident, a physicist, and Head of Science Education at the Princeton Plasma Physics Laboratory. He completed his post-doctoral work on fusion energy research at the Princeton Plasma Physics Laboratory, at Oak Ridge National Laboratory, and internationally.

The Assemblyman is also an academic advisor at Princeton University, an academic-athletic fellow for the women's soccer team, a part-time lecturer in the Princeton University Writing Program, and the President of the Princeton Chapter of Sigma Xi, The Scientific Research Society. The American Association of Physics Teachers named him as one of the country’s top 75 “Leading Contributors” to physics education.

The Assemblyman will serve on the Assembly Telecommunications and Utilities Committee, the Assembly Environment Committee and the Assembly Judiciary Committee.

NJ Unemployment Rate Falls to 5.1%

New Jersey's unemployment rate dropped 0.3% in December to 5.1%, placing the state only 0.1% behind the national employment rate. The State’s unemployment rate is down 4.7% since the recessionary high of 9.8% in January 2010.

New Jersey's private sector employers added 12,500 jobs to bring the total private sector employment increase for 2015 to 64,500 jobs. 2015 was the strongest year of private sector job growth in 15 years and the sixth consecutive year of private sector growth for the State.

Industries that recorded employment gains included professional and business services (+6,700), trade, transportation and utilities (+2,400), education and health services (+1,800), construction (+700) and manufacturing (+200).