In this first episode of our new IssuesWatch Podcast, we provide an overview of the current legislative landscape in New Jersey, a look back at what has happened this year and thoughts about what to expect in the coming months.

This year, we’ve seen the good, the bag and the ugly. In general, Governor Murphy has been more willing to sign non-business-friendly bills than his predecessor Chris Christie was. While the NJCPA fully supports equal pay for equal work, the state’s new gender parity law includes onerous provisions that could encourage frivolous lawsuits. The corporate business tax rate was raised, and new combined reporting requirements were established. Recently, clean-up legislation for the combined reporting regulations was modified at the last minute to include provisions that the NJCPA – and business community at large – strongly opposed. And there is a new tax rate for New Jerseyans earning more than $5 million. Looking ahead, we expect anti-arbitration and minimum wage legislation to pass. (The NJCPA supports a higher minimum wage as long as certain exemptions are included.) And since the 2019 New Jersey budget included a number of non-recurring revenue lines, we anticipate that the 2020 budget could include some tax hikes.

But it’s not all bad. On the positive side, three bills the NJCPA strongly supports have advanced recently. A bill to update and modernize the state’s Accountancy Act passed legislative committee on Sept. 13 A bill that would provide liability protection for people serving on the State Board of Accountancy and other professional licensing boards also passed committee on Sept. 13. And legislation drafted by NJCPA member Shaune Scutellaro that would provide Section 1202 capital gains tax breaks for certain New Jersey companies was passed by the Senate on Oct. 1.

Our next episode will be released on Tuesday, Oct. 23. In the meantime, visit njcpa.org/advocacy for updates, and subscribe to IssuesWatch Podcast today so that each episode is automatically delivered to you.