Federal Tax Reform and Gov. Phil Murphy’s Economic Policies Will Impact NJ Businesses

Sills Cummis & Gross Managing Partner Max Crane was interviewed about the evolving business climate in the nation and in New Jersey.

As seen in this article, “‘President Trump has loosened some burdensome regulations, which is good for businesses,’ explains Crane. ‘Generally, more regulations mean more activity for law firms. On the flip side, Gov. Murphy has indicated he wants more government involvement in a variety of areas, such as the environment and labor laws.’ Gov. Murphy has also talked about expanding access to medical and recreational marijuana. ‘Implemented in a responsible way, this could represent a new source of revenue for businesses and for law firms,’ says Crane. ‘Sills Cummis entered this area early; in 2015 we launched our venture capital-regulated substances practice. Sills Cummis Co-Founder Clive Cummis was involved in the early efforts to legalize gaming in New Jersey, and casinos had a rogue reputation initially, but became a sizable part of the state’s economy.’

Changes to the federal tax code, including accelerated depreciation and lower corporate tax rates, should mean more money for businesses, ‘which will ultimately benefit our consumer-driven economy,’ says Crane. But ‘new limits on individuals’ deduction for state and local taxes (SALT) is not good for many New Jersey residents. We recently hired a SALT expert to serve this new business.’”