Garden State Times

The National Federation of Independent Business (NFIB) has expressed strong support for a new bill introduced by Senate Majority Whip Troy Singleton. The legislation, known as S-3757, aims to provide tax relief and fairness for small businesses in New Jersey.

Senator Singleton emphasized the importance of small businesses, stating, "Small business are the lifeblood of our communities. They not only employ our neighbors and give personality to our main streets, they give back to the towns they call home and drive our state’s economy."

Eileen Kean, NFIB State Director, praised Senator Singleton's initiative: "NFIB commends Senator Singleton for his leadership in supporting New Jersey’s small businesses. S-3757 will provide tax fairness and relief to small businesses regardless of the way they file their taxes and no longer disadvantage them with a one-size-fits-all approach designed for larger companies and corporations."

Kean highlighted the challenges faced by small business owners due to the COVID pandemic, inflation, tax burdens, and worker shortages. She noted that Senator Singleton's bill would offer much-needed relief: "All politicians claim to support small businesses at election time, but Senator Singleton ‘walks the walk’ in word and action in Trenton."

The proposed legislation would align with federal tax deductions for small businesses organized as pass-through entities such as partnerships, s-corps, LLCs, and sole proprietors. It allows these entities to claim similar deductions on their state tax returns starting in 2023. Under this plan, income thresholds are set at $182,100 for single filers or $364,200 for joint filers.

Kean reaffirmed NFIB's commitment to working with lawmakers: “As local job creators continue to navigate unprecedented economic headwinds, NFIB remains committed to working with the legislature and Governor Murphy to address the significant challenges small business owners and their employees face.”

NFIB has been advocating for small businesses across America since its founding in 1943. The organization is nonprofit and nonpartisan.