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SMALL BUSINESS NEWS

10 Oct 2016

 

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New Jersey Gas Tax Hike

Businesses in New Jersey will have to pay more for fuel under a new law that will go into effect November 1, 2016 or two weeks after it is signed by the governor. But, they will also benefit from a lower sales tax rate and a reduction in the estate tax.

That rate for regular gas will be raised by $0.23 per gallon to $0.37 per gallon.  The rate for diesel fuel will be raised by $0.04 per gallon next year.

But it will be offset somewhat by a reduction in the sales tax from 7 percent to 6.875 in 2017 and 6.625 percent in 2018.

This new higher rate will impact all businesses and not just transportation businesses.  The higher cost for transporting products will be passed on to retailers and eventually to the customer. 

The new law also reduced the estate tax which will have a positive impact on entrepreneurs who want to pass on their businesses to the next generation.  It Phases out the estate tax over four years, first by replacing the current $675,000 threshold with a $1,000,000 exclusion, and then increasing the exclusion amount until the tax is eliminated as follows:

For the transfer of the estate of each resident decedent dying on or after January 1, 2017, but before January 1, 2018, the exclusion amount is $1,000,000.

For the transfer of the estae of each resident decedent dying on or after January 1, 2018, but before January 1, 2019, the exclusion amount is $2,000,000.

For the transfer of the estate of each resident decedent dying on or after January 1, 2019, but before January 1, 2020, the exclusion amount is $3,000,000.
For the transfer of the estate of each resident decedent dying on or after January 1, 2020, there shall be no tax imposed.
Another good benefit from the law is the increased exclusion of retirement pay from taxes.  Generally under current law, taxpayers with $100,000 or less of annual income, who are at least 62 years old, may claim a pension and retirement income exclusion of up to $20,000 for joint filers, $15,000 for individuals, and $10,000 for married but filing separately.

The bill increases the personal income tax's pension and retirement income exclusion to $100,000 for joint filers, $75,000 for individuals, and $50,000 for married but filing separately.  The bill phases in the five-fold exclusion increase over four years.

Sources:
A11 Changes in Certain State Taxes
Governor Christie’s Home page


By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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