Business Report: Commuter tax, child care, sports betting, SBA loans

Bipartisan bill asks State Treasury to calculate how much money from commuter tax is going to New York

New Jersey residents who usually work in New York, but are now working from home may be wondering why they are still paying New York taxes. State Sen. Steve Oroho believes the state is losing out on hundreds of millions of dollars in tax revenue each year from residents paying a commuter tax. He’s introduced a bipartisan bill that asks the State Treasury to calculate how much money is going to New York and look at ways to keep the money in New Jersey.

Child care centers would get financial aid under a new bill introduced by Sen. Troy Singleton. He wants to allocate $50 million in federal CARES Act money to those centers that are dealing with additional pandemic-related costs and state mandates.

One business that’s doing quite well in this economy is sports betting, which is growing faster than expected and setting all-time records. But New Jersey will soon have new competition in the sports-betting arena as several other states have sports betting referendums on the November ballot.

The Small Business Administration says it’s approved 120,000 disaster loan requests from New Jersey businesses and nonprofits to cover their lost revenue from COVID-19. That amounts to $7 billion of relief for the Garden State.