With some of the highest tax rates for every category in the country - sales, property, income, capital gain, it's understandable why many companies are moving out of New Jersey, while new companies are deciding to make New York, Pennsylvania or any other states their home.
After working and living in several of the biggest tech centers in the USA (Seattle, Silicon Valley, NYC, Boston), I have learned that state sponsored business / tax friendly regulation can have a big impact on new company formations.
My proposal is simple. If you start or move your high-tech company to New Jersey, and you have an exit event down the road (sell the company, go IPO, etc), then you do not pay any state level capital gains taxes on your share of the sale.
This simple proposal will motivate startups in New York, Connecticut, Pennsylvania and other surrounding states to relocate to New Jersey. While this may look like a tax cut, this proposal will actually generate more tax revenue and create jobs for the state.
When startup founders decide to make New Jersey their home, they will still pay income taxes, property taxes, sales taxes, etc. It's just that we reward them with no capital gains tax when they exit / sell their business.
The startups that relocate to New Jersey will bring thousands of high-tech jobs with them and millions in new tax revenue.
This proposal is simple and it creates a reward for companies the succeed in New Jersey.
Updates
Reached 500 supporters
February 22, 2021
Reached 100 supporters
April 17, 2019
April 16, 2019
We are approaching one hundred signatures. Please send this link to your coworkers today.
633 Comments
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Giving NJ startups a break will incentivize more, well-funded (read: employers) start ups to build up here.
New Jersey has a rich history of innovation and ideas like this will help foster continued growth of the local NJ tech community.
From everything I have learned about tech ecosystems over the last 10 years, it is clear that founders are like a magnet that attracts everything else: talent, money, etc. And this is a great way to attract founders. Thanks for your leadership on this, Jay.
This is a nice back end benefit. We should marry this with great front end benefits that enable these startups to reach breakout success.
YwUKIajoqeSBO
Hi, I wanted to know your price.
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With some of the highest tax rates for every category in the country - sales, property, income, capital gain, it's understandable why many companies are moving out of New Jersey, while new companies are deciding to make New York, Pennsylvania or any other states their home.
After working and living in several of the biggest tech centers in the USA (Seattle, Silicon Valley, NYC, Boston), I have learned that state sponsored business / tax friendly regulation can have a big impact on new company formations.
My proposal is simple. If you start or move your high-tech company to New Jersey, and you have an exit event down the road (sell the company, go IPO, etc), then you do not pay any state level capital gains taxes on your share of the sale.
This simple proposal will motivate startups in New York, Connecticut, Pennsylvania and other surrounding states to relocate to New Jersey. While this may look like a tax cut, this proposal will actually generate more tax revenue and create jobs for the state.
When startup founders decide to make New Jersey their home, they will still pay income taxes, property taxes, sales taxes, etc. It's just that we reward them with no capital gains tax when they exit / sell their business.
The startups that relocate to New Jersey will bring thousands of high-tech jobs with them and millions in new tax revenue.
This proposal is simple and it creates a reward for companies the succeed in New Jersey.
Updates
Reached 500 supporters
February 22, 2021
Reached 100 supporters
April 17, 2019
April 16, 2019
We are approaching one hundred signatures. Please send this link to your coworkers today.
633 Comments
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Good Morning EASE YOUR PAIN IN 10 MINUTES EFFORTLESSLY Be Free from Neck Pain Try NeckFlexer & Relieve Neck Pain Effortlessly In 10 Min! Save 50% OFF + FREE Worldwide Shipping Shop Now: neckflexer.online All the best, Michale Petition New Jersey High-Tech Capital Gains Tax Proposal
Giving NJ startups a break will incentivize more, well-funded (read: employers) start ups to build up here.
New Jersey has a rich history of innovation and ideas like this will help foster continued growth of the local NJ tech community.
From everything I have learned about tech ecosystems over the last 10 years, it is clear that founders are like a magnet that attracts everything else: talent, money, etc. And this is a great way to attract founders. Thanks for your leadership on this, Jay.
This is a nice back end benefit. We should marry this with great front end benefits that enable these startups to reach breakout success.
YwUKIajoqeSBO
Hi, I wanted to know your price.
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Color-changing swimshorts Dive into the ocean and your swimshorts suddenly change color! These swimshorts ara AMAZING! Hurry! 50% Off Worldwide For Limited Time Only! Get it here: coolshorts.online Thank You, Raquel Petition New Jersey High-Tech Capital Gains Tax Proposal