BUSINESS REPORT

Murphy, Sweeney spar on property taxes

BY Rhonda Schaffler, Correspondent |

Gov. Phil Murphy Monday vetoed a bill that would have allowed some school districts to raise property taxes above the 2% cap. The move prompted a sharp rebuke from the bill’s sponsor, Senate President Steve Sweeney.

Business groups applauded the governor’s decision to sign a bill that would help ease the tax burden of certain small businesses, known as pass-throughs.

And, the business community is eagerly awaiting the governor’s State of the State address on Tuesday to see what, if anything, Murphy will say about a tax incentive program for businesses.