Law would require N.J. to report tax breaks

    New Jersey is one of nine states that do not require a public accounting of the revenue that’s lost from providing tax credits, deductions and exemptions.

    New Jersey may be joining the list of states that inform the public about the real costs of tax breaks given to individuals and corporations.

    Listen:
    [audio: 091228pgtax.mp3]

    New Jersey is one of nine states that do not require a public accounting of the revenue that’s lost from providing tax credits, deductions and exemptions. Senate Budget Committee Chairwoman Barbara Buono says the Committee will consider a measure next week that would require a report be included in the Governor’s annual budget message.

    Buono: In view of the state’s limited resources, particularly now, I think it’s important to quantify the revenue impact of the vast amount of tax expenditures which is really just spending by another name. It’s revenue foregone.

    The tax research group New Jersey Policy Perspective says those tax breaks can mean big revenue losses with Washington state reporting a loss of $99 billion a year and Oregon losing about 29 billion.

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