South Jersey Business Leaders Thank Legislators for Tax ReciprocityLast Edited:
South Jersey business leaders gathered together Thursday at the site of Campbell Soup Company's world headquarters in Camden to thank state lawmakers and celebrate the restoration of the tax reciprocity agreement with Pennsylvania.
Camden was expected to be hit especially hard when Governor Chris Christie announced he was ending the income tax agreement that allowed state residents to pay just New Jersey income taxes while working in Pennsylvania and vice versa. If the deal had ended, those residents would have to pay income taxes in both states, potentially putting a hold on business expansion in Camden and South Jersey.
"We're seeing all this progress and no one was bluffing, people were rethinking their positions, people had put their jobs on the line to bet on this region in the state and they were starting to look like they were going to come up losers so all the way around this was a major victory for us," said State Senate President Steve Sweeney.
The governor was able to restore the tax reciprocity agreement thanks to $200 million in budget savings identified with help from Sweeney and Assembly Majority Leader Louis Greenwald, who both spoke on Thursday.
The original agreement dates back to 1977.
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