A joint statement today issued by Gov. Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin announced that the income tax and corporation business tax filing deadlines have been extended from April 15 to July 15.
As part of the whole-of-government effort that is going into fighting COVID-19, the three policymakers also announced that the state fiscal year should be extended to Sept. 30, rather than end on June 30. “This will allow the administration and the Legislature to focus fully on leading New Jersey out of this crisis, and to allow for a robust, comprehensive, and well-informed budget process later in the year,” the statement read.
Upon the news, NJBIA President and CEO Michele N. Siekerka, Esq. issued the following statement:
“Today’s decision is a proper one. The disruptions and financial hardships many New Jersey businesses and residents are enduring are simply overwhelming.
“The tax filing extension will allow many businesses to keep operations running and it will keep disposable income in the pockets of New Jersey’s workforce – at a time when many really need it.
“It will allow New Jersey tax filers some much-needed flexibility and time to assess their financial picture and future. And it will also allow our policymakers more time to work on tax-related legislation that can provide relief during this crisis.
“NJBIA will explore all of the impacts of this unprecedented move and we look forward to working with the Governor and Legislature on an adjusted budget process that should be used to help all New Jerseyans going through these tough times.”
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