The New Jersey Chamber of Commerce came out against the House GOP tax bill Monday, a move that could put pressure on the state’s Republicans to vote against it without significant changes to the legislation.
“The tax reform legislation introduced last week would not be positive for New Jersey. While some citizens and businesses in the state would benefit, many more would not,” Tom Bracken, president of the New Jersey Chamber of Commerce, said in a statement Monday.
The chamber cited GOP leaders’ decision to eliminate the deduction for state and local income and sales taxes and to limit the property tax deduction at $10,000. That has drawn concerns from many House Republicans from high-tax states, including Reps. Leonard Lance and Frank LoBiondo of New Jersey and Lee Zeldin and Dan Donovan of New York.
The New Jersey Chamber of Commerce also criticized a provision of the bill that would reduce the amount of mortgage debt eligible for a deduction to $500,000 for new loans, down from $1 million, saying it could erode property values.
\“This proposal is exactly what we do not need at this time,” the chamber wrote.
GOP leaders chose to eliminate or curb some popular tax breaks to help raise revenue to lower the corporate tax rate and some of the individual income rates.