TRENTON, N.J. (AP) — A top New Jersey lawmaker says he wants to raise the state’s corporate business tax in response to the federal tax overhaul.
Senate President Steve Sweeney said at a news conference his plan would impose “surcharge” on businesses making over $1 million.READ MORE: Shane Brolly Sentenced Up To 30 Years In Prison For Drunk Driving In Crash That Seriously Injured 4 Teens
The change would effectively raise the rate from 9 percent to 12 percent for those companies.
He’s calling for using the proceeds for education spending.READ MORE: North Philadelphia Residents Question Their Safety After 5 People Injured, More Than 20 Shots Fired Near Temple University: 'It's Dangerous Out Here'
Sweeney, a Democrat, says corporations got a “windfall” from the federal tax overhaul and his idea “recaptures” some of that.
Sweeney says the proposal could bring in roughly $657 million. That’s higher than an estimated $600 million expected from a tax hike on millionaires Democratic Gov. Phil Murphy favors.
Murphy said he doesn’t see the new proposal as an alternative.MORE NEWS: NJ Car Repair Shop Offering Drivers Hundreds Of Dollars In Savings By Teaching Them How To Repair Own Vehicles
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