Vas: Sept. State Unemployment Numbers Showcase Need for Corporate Tax Reforms

VAS:  SEPT. STATE UNEMPLOYMENT NUMBERS SHOWCASE NEED FOR CORPORATE TAX REFORMS

(PERTH AMBOY) - Assemblyman Joseph Vas today said newly released unemployment numbers indicate now is a vital time to amend and reform New Jersey's antiquated and restrictive corporation business tax laws.

Vas, the Assembly Commerce and Economic Development Committee chairman, noted new state Department of Labor and Workforce Development figures show the state lost 3,900 jobs in September.  That brings the total number of jobs lost amid the global economic crisis this year in the state to 21,000.

Vas (D-Middlesex) has sponsored several bills that would reform how New Jersey calculates its corporation business tax, which would allow for a more equitable tax structure for state businesses and allow them to realize cost savings without having to resort to workforce reductions.  He issued the following statement:

"These job figures continue to prove that the crisis is taking a toll on every sector of our state economy.  It is apparent that no one is completely immune to the economic fallout on Wall Street.

"With the private sector continuing to shed jobs at an alarming rate, now is the perfect time to take a fresh look at reforms and improvements to New Jersey's corporate business tax structure.

"We must provide state businesses - the foundation of our economic engine - with the tools they need to weather the economic crisis and continue to provide good paying jobs to New Jersey families."

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