A pair of tax-cut bills sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) was advanced by the Senate Budget & Appropriations Committee.
Legislation by Sen. Steven Oroho would phase out the estate tax and cut taxes on retirement income. (SenateNJ.com)
Tax-cut legislation championed for years by Senator Oroho to phase out New Jersey’s “estate tax” was approved 9-0. That bill, bipartisan S-1728, would increase the tax exclusion from the current level of $675,000 to $1 million the first year and complete the elimination over five years.
“We are a big step closer to eliminating the nation’s highest death tax — a reform that would allow parents, grandparents, employers and farmers to stay in New Jersey and pass to future generations the assets that they’ve worked their whole lives to earn,” Oroho said. “This estate tax phase out would restore our competitive economic position by enticing capital back to New Jersey. Just as we enacted $2.3 billion in bipartisan business tax cuts in 2011 to increase financial resources and jobs, we should get this tax cut on the books now to retain more capital and opportunities for the people of this state.”
Read the rest of Committee Passes Oroho Estate Tax Phase Out & Retirement Income Tax Cut (456 words)
