ACCOUNTING , BANKING & LAW
New Jersey By the Numbers : CPAs Call for Accountability
Priorities for the governor include fiscal responsibility and infrastructure .
Compiled by John Joseph Parker Contributing Editor
In a survey of more than 540 certified public accountants conducted by the New Jersey Society of CPAs ( NJCPA ), reducing or capping increases on property taxes was named the highest priority for the winner of the New Jersey gubernatorial election this month . This was closely followed by auditing state agencies and programs for overspending , waste and revenue allocation and improving the state ’ s infrastructure . Rounding out the top five were eliminating the pension system for all new public sector workers and replacing it with a 401 ( k ) and reducing regulations and red tape for businesses in the state .
In the NJCPA ’ s 2017 survey , reducing property taxes , improving the state ’ s infrastructure and converting public pensions to 401 ( k ) s also ranked in the top-five gubernatorial priorities .
“ The survey is a telling reminder that property taxes , along with keeping an eye on state agency spending and improving our bridges and tunnels , are important issues for New Jersey residents and require significant consideration from lawmakers ,” says Ralph Albert Thomas , CPA ( DC ), CGMA , CEO and executive director at the NJCPA . “ The state needs action , and CPAs ’ voices should be listened to since they hear from residents and businesses across the state on an ongoing basis .”
The 2022 fiscal year budget signed by Governor Murphy in June provided for an expansion of multiple tax relief programs , including those aimed at providing relief for seniors and middle-class families , such as the Middle-Class Tax Rebate , updating the Homestead Benefit and extending the veterans property tax deduction to peacetime veterans . Republican gubernatorial candidate Jack Ciattarelli , meanwhile , called for an to end to property tax increases caused by home improvements and a freeze on property taxes for all homeowners at age 65 regardless of income or length of residency .
PPE Manufacturing Tax Credit Program
The New Jersey Economic Development Authority ( NJEDA ) Board recently approved rules to enact the creation of the Personal Protective Equipment ( PPE ) Manufacturing Tax Credit ( PMTC ) Program . Created under the New Jersey Economic Recovery Act of 2020
“ The state needs action , and CPAs ’ voices should be listened to since they hear from residents and businesses across the state on
an ongoing basis .”
( ERA ), the PMTC Program will provide tax credits to incentivize the development of PPE manufacturing in New Jersey .
“ In line with Governor Phil Murphy ’ s vision to build a stronger and fairer economy , the PMTC Program is an investment in our communities and in our small businesses as we continue to recover from the COVID-19 pandemic ,” says NJEDA Chief Executive Officer Tim Sullivan . “ This program is designed to encourage PPE manufacturing here in New Jersey , which will help create new manufacturing jobs ,
protect New Jerseyans ’ health , and increase economic benefits to the state by generating economic activity and providing more local sources of PPE goods .”
The PMTC Program provides per-job tax credits to PPE manufacturing projects in New Jersey that have made or make investments in 2020 , 2021 or 2022 . Projects can receive up to a maximum of $ 500,000 in tax credits per year in which they make qualified investments .
Eligibility for the PMTC Program and bonus tax credits are based on the project location , the size of the capital investment being made in PPE production , the size of the facility being used and other criteria .
All projects that receive tax credits through the PMTC Program must comply with the NJEDA ’ s standard Affirmative Action and Prevailing Wage requirements . Since applications must be submitted after a project is complete , potential applicants must ensure they plan ahead and pay Prevailing Wage for all work done on the projects to maintain eligibility for the program . For projects that are already underway , the Prevailing Wage requirements will only apply to work done after the proposed rules are filed with the Office of Administrative Law . Applications for the PMTC Program will open in the coming months .
New Insurance Practice Leader for Mazars , Partner Anthony Stranix
Mazars Partner Anthony Stranix became the firm ’ s new Insurance Practice Leader , taking over from Partner Brian Clouse , effective Sept . 1 , 2021 .
“ I ’ d like to thank Brian for his effective leadership of the insurance practice over the past years ,” says Charles Abraham , Partner and U . S . Financial
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NJCPA Survey : “ CPAs say NJ ’ s gubernatorial winner should focus on cutting property taxes , auditing state agencies and improving infrastructure .” Pictured , Emmy Award-Winning Anchor Steve Adubato , Ph . D ., interviews Gov . Phil Murphy and his Republican challenger , Jack Ciattarelli .
Photos : Caucus Educational Corporation
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