New Jersey voters are about to be handed a huge tax refund thanks to the Governor’s tax refund package.
The New York Times reports that Gov.
Chris Christie’s administration is rolling out the program in the state this week.
Here’s what it looks like:New Jersey has been grappling with the aftermath of Superstorm Sandy.
In addition to $4.7 billion in tax refunds to businesses and individuals, the state will be reimbursing $3.8 billion to corporate tax filers and $1.3 billion to individuals, and the bulk of that will go to the top 1 percent.
The governor’s plan includes an additional $2 billion for municipalities and counties.
In the meantime, the new tax refunds will allow the state to avoid a significant amount of corporate taxes.
But New Jersey is not the only state that is seeing a huge windfall from the program.
Other states are following suit, including Pennsylvania, Virginia, Michigan, and Illinois.
The New Jersey program is not only big for business, but also for individuals.
According to the Times, the New Jersey Office of Tax Policy will be tasked with overseeing the program and the state’s revenue.
A spokesperson told the paper that they are currently working with the legislature on the program’s implementation.
In addition to the tax refund, the program is also expected to provide $300 million to municipalities, which would provide some relief to some of the state and local government’s budget woes.
The program is expected to be implemented in two phases: the first phase is expected in January, with the second phase to begin in March.
In New Jersey, the tax refunds are a big boon for businesses.
According, the company tax refunds provide $6 billion to the state each year.
The Times reports the Governor plans to provide the first tax refund in 2019.
In recent years, the amount of business tax refunds has increased.
According the New York State Budget & Tax Policy, the number of business and personal tax refunds in New Jersey rose by over 80 percent from 2000 to 2015.
The Times notes that the tax rate on companies has decreased, and that corporations have been able to deduct some of their corporate income taxes, meaning they have less of a financial burden when it comes to paying the taxes they owe.
New Jersey’s unemployment rate has also dropped in recent years.
The Governor’s plan has garnered widespread praise.
According a recent poll conducted by the Public Policy Institute of California, 80 percent of voters approved the plan.
The State House of Representatives approved the bill unanimously.
However, some lawmakers expressed reservations about the plan’s eligibility requirements.
The bill requires corporations to pay a $10,000 corporate tax liability, and requires businesses to file a new federal income tax return for every year they operate in the country.
The plan is expected, but not complete.
For now, the legislation is set to pass the Senate.