NJ-CPA-PAC Victories

Some of the important legislative victories that the PAC has helped to achieve from 2010 to the present include:

  • Beat back several attempts by lawmakers to pass a sales tax on professional services
  • Passage of legislation to phase out the estate tax and reduce taxes on retirement income
  • Passage of legislation to create stable funding source for New Jersey's Transportation Trust Fund
  • Stopping several bills that would have increased liability exposure for CPAs and their clients
  • Passage of legislation that allows the Governor to appoint two additional CPAs to New Jersey State Board of Accountancy
  • Passage of legislation that eliminates the requirement that CPAs who let their license lapse for more than five years must retake CPA exam. It also creates streamlines the reciprocity process.
  • Defeated several proposals for mandatory audit firm rotation for external auditors of governmental entities
  • Passage in 2011 of “single sales factor” legislation that eliminates property and payroll as factors, and bases the CBT solely on sales
  • Passage of small business tax reform that allows business owners who pay taxes through personal income tax to carry forward net operating losses for 20 years and to offset gains and losses from one category of income to another. 
  • Passage of legislation in 2010 and 2011 to reduce government spending and generate economic growth by capping local government spending and reforming pension and health care benefits for government workers
  • Passage of major CBT-reform measures including extending NOL carryovers from seven to 20 years; repealing New Jersey's “regular place of business” and “throwout” rules
  • Defeated legislation to place an annual $50 surcharge on CPA license fees to fund a medical malpractice fund
  • Successfully lobbied to ensure that New Jersey phased out the Alternative Minimum Assessment Tax and restored full NOLs
  • Exempted CPAs from new law that subjects tax preparers to regulation by the New Jersey Division of Banking and Insurance
  • Revised audit threshold for nonprofits from $100,000 to $250,000 and made other changes to the New Jersey Charitable Registration Act that CPA firms doing nonprofit work were seeking

Questions? 

Contact Jeff Kaszerman at jkaszerman@njcpa.org or 973-226-4494 x210.