Garden State Times

The New Jersey Senate has approved legislation sponsored by Senator Jon Bramnick aimed at addressing New York State's unfair taxation of New Jersey residents. Senator Bramnick expressed his satisfaction with the Senate's decision, stating, "Today's Senate vote sent a clear message to New York State that we won't allow our residents to be taken advantage of by out-of-state politicians." He emphasized the need for reforms to rectify the current tax imbalance that negatively impacts New Jersey residents.

According to Senator Bramnick, New York's taxation of Garden State residents who work for New York employers is excessive and unjust. Estimates suggest that taxpayers could be losing over $3 billion due to New York's tax policies. The rise of remote work has made this issue more apparent as individuals can work from home without physically crossing into New York.

Senator Bramnick's bill, S-3128 / A-4694, proposes amendments to existing laws to implement a similar tax treatment for nonresidents working for New Jersey employers. Additionally, the bill seeks to establish a pilot program overseen by the New Jersey Economic Development Authority (EDA) to encourage New York businesses to relocate New Jersey resident employees to offices within the state. Companies participating in the program would be required to offer bonuses or increased compensation to employees moving to New Jersey locations.

The program would provide grants not exceeding $500,000, with a total of $35 million allocated for the fiscal year to support the initiative. Senator Bramnick highlighted the financial implications of New York's policies on New Jersey, stating, "New Jersey is being played by unjustifiable policies that not only cost individuals and families money but also rob the State of as much as $1 billion in revenue." He stressed the importance of taking action to benefit state taxpayers and allow workers to retain more of their earnings.

The bill's passage signifies a significant step towards addressing New York State's unfair tax treatment of New Jersey residents and aims to create a more equitable tax environment for individuals and businesses in the region.