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.

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