Business Report: Commuter tax fight, small business program, J&J research center

Lawmakers may be running out of options to challenge New York’s commuter tax on New Jersey workers

The Murphy administration says it will continue to fight for those residents who have been paying New York income taxes, even though they’ve been working at home throughout the pandemic. But it’s unclear what options the administration can pursue. New Jersey backed a legal challenge on commuter taxes that was filed by New Hampshire against Massachusetts. But last month, the Supreme Court declined to hear the case. Some lawmakers are also pushing for the administration to take action, but next steps remain unclear. As NJ Spotlight News’ John Reitmeyer reports, not only would the state treasury benefit from added tax dollars, but also New Jersey taxpayers would benefit if they no longer had to pay taxes to New York.

New Jersey residents have a chance to offer their opinions on a program designed to help get the state’s economy back on track. This week, the New Jersey Economic Development Authority is holding public sessions looking for input on a draft rule proposal for its new Main Street Recovery Finance Program, which is a $100 million fund for small businesses. The fund will provide grants directly to businesses, as well as loans and technical assistance.

New Brunswick-based J&J is launching new global research centers to try to accelerate research on major health issues. The company says COVID-19 showed that investments in early-stage research are critical.

Lakeland Bank is acquiring 1st Constitution Bank in a bid to expand its presence in Central Jersey. The deal creates the fifth largest bank to be headquartered in New Jersey, and it’s expected to close later this year.

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