Donnelly Ritigstein Law Offices
Call for a Free Consultation
Toll Free 866-907-6368 Local 856-324-6147

New businesses in New Jersey see tax breaks

According to some economists the national recession has ended. However, many Camden County residents and businesses still feel the pinch in their pocketbooks that took hold around a decade ago. The state, though, has taken steps to improve the financial outlook for its citizens and corporate residents by offering new businesses tax breaks to open their doors within New Jersey's borders.

Under the New Jobs Investment Tax Credit, new businesses can offset some of their taxes for up to five years when they hire individuals to work for their entities. While the credit program has created some new jobs in New Jersey it has created a wide disparity in how different businesses are able to grow.

For example, mature or established businesses cannot qualify for the aforementioned tax credit. As a result, the state is a rather attractive place for new entities to consider starting their business formation plans. It is not the most accommodating location, though, for existing businesses that cannot grow at such impressive rates without any credits or benefits of their own.

What readers of this blog can take away is that when a person is considering where to open a new business, there are a number of factors that the person should consider. The state's new business credit may make it a good place to open up, but the planning process should take into account where the business will be in one, five and even ten or twenty years.

It can be difficult to foresee what a business might require at such distant points in time, but with the rigth help, individuals can make informed decisions about how best to approach the initiation of their new business enterprises.

Source: Asbury Park Press, "NJ taxes favor new employers over old," Michael L. Diamond, Aug. 26, 2015

No Comments

Leave a comment
Comment Information

Moorestown Office
212 West Route 38
Suite 200
Moorestown, NJ 08057

Map & Directions

Haddonfield Office
132 Kings Highway E
Suite 105
Haddonfield, NJ 08033

Map & Directions

Linwood Office
327 Central Avenue
Linwood, NJ 08221

Map & Directions

Cape May Court House Office
618 Route 9 South
Cape May Court House, NJ 08210

Map & Directions

Gloucester, Cumberland and Salem County Offices
57 Euclid St.
Woodbury, NJ 08096

Map & Directions

Back To Top