Committee Passes Oroho Estate Tax Phase Out & Retirement Income Tax Cut

by
March 1, 2016
Committee passes oroho estate tax phase out & retirement income tax cut

A pair of tax-cut bills sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) was advanced by the Senate Budget & Appropriations Committee.

Committee passes oroho estate tax phase out & retirement income tax cut

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)

Committee passes oroho estate tax phase out & retirement income tax cut Committee passes oroho estate tax phase out & retirement income tax cut Committee passes oroho estate tax phase out & retirement income tax cut Committee passes oroho estate tax phase out & retirement income tax cut Committee passes oroho estate tax phase out & retirement income tax cut

Committee passes oroho estate tax phase out & retirement income tax cut

Phil Stilton

Phil Stilton

Phil Stilton is the Editor and Publisher of Shore News Network, an independent digital news organization covering New Jersey, national politics, public policy, public safety, and community affairs. With years of experience reporting on local government, elections, law enforcement, and issues impacting residents throughout New Jersey, Stilton has built a reputation for delivering timely news, in-depth reporting, and accountability journalism.

As the founder of Shore News Network, Stilton oversees editorial operations, investigative reporting, and breaking news coverage while working closely with journalists, public officials, and community leaders. His reporting has covered municipal government, state politics, federal policy, public records investigations, emergency management, and major news events affecting local communities.

Stilton is committed to factual reporting, source verification, transparency, and providing readers with accessible, accurate information that helps them better understand the issues shaping their communities. Through Shore News Network, he continues to focus on delivering trusted news coverage and original reporting to audiences across New Jersey and beyond.

For story tips, corrections, or media inquiries, readers can contact Shore News Network through its official website and social media channels.