X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HIGHTSTOWN, N.J. – Credit unions will not be impacted by the recently approved state corporate tax increase, says a spokesman for Credit Union Affiliates of New Jersey, because “they fall out of the radar screen of the tax parameters.” The increase in New Jersey’s corporate tax was signed into law the week of July 1 in an emergency session called by Gov. James McGreevey as a way to make up for the shortfall in the state’s budget. The bill authorizes the state to collect an extra $1 billion in taxes annually from businesses in the state. The new tax rates are retroactive to Jan. 1 and affect businesses with over $1 million in profits. “Because credit unions are non-profits, they fall out of the radar screen” of the new tax rate, said John Passuth, director of government affairs for CUANJ.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.