NJ Today: Lesniak & Greenstein Propose Legislation to End Corporate Welfare
media mentionTo close a loophole that has allowed multistate corporations to evade their fair share of taxes in New Jersey, Senator Raymond Lesniak and Senator Linda Greenstein today introduced legislation to enact a “combined reporting” tax law to put an end to the “corporate shell game” that costs the state hundreds of millions of dollars in lost revenue each year.
According to the Institute on Taxation and Economic Policy Analysis of SEC Filings, ExxonMobil paid a low tax rate over the past five years, and received a tax rebate from New Jersey in 2014 in the amount of $507,000.
This resulted in a negative -5.6 percent tax rate last year.