![]() At the federal level, lawmakers like Sen. "That is something that we continue to machine."įinancial transaction taxes are not new. 17 news conference where he spoke about the tax alongside Sweeney and other high-ranking New Jersey officials. "We all think that's a good idea," said Murphy, a former Goldman Sachs Group Inc. McGrath did say the exact shape of the bill could change as policymakers continue to think through the tax. McKeon has reportedly said the tax could raise $10 billion annually in state revenue. 14 to impose a $0.0025 tab on each financial transaction that is processed using electronic infrastructure located in the state, mirroring identical legislation from Assemblyman John McKeon introduced earlier this year. Sweeney, a Democrat, introduced a bill in the state senate on Sept. It is still currently being considered in the New Jersey statehouse, according to Richard McGrath, a spokesperson for New Jersey Senate President Stephen Sweeney. Phil Murphy, a Democrat, recently decided to leave the contentious idea to tax financial trades processed in the Garden State off the 2021 budget proposal. That includes several in northern New Jersey used by the biggest U.S. While trading once primarily occurred on exchange floors in metropolises like New York City and Chicago, billions of products are now dealt through computers housed in data centers around the world. In the modern-day infrastructure of American markets, New Jersey occupies a central role. ![]() ![]() "But we're having to seriously consider it." "We don't want to do it," Khandros, who is also global co-head of principal investments and strategic ventures at UBS, said of moving the data centers out of New Jersey in an interview. and UBS, say the tax would end up hitting retail and institutional investors the hardest with worse trading conditions and higher prices. The group's 10 members, including the Intercontinental Exchange Inc.-owned New York Stock Exchange, Nasdaq Inc. Khandros is the Swiss bank's global head of market structure and liquidity strategy and a representative of an industrywide group fighting the tax called the Coalition to Prevent the Taxing of Retirement Savings. financial markets in case New Jersey moves forward with a trading tax, according to UBS Group AG's Vlad Khandros. These include Texas, Virginia and other states where they could house the technology that runs U.S. Now, Wall Street giants have started exploring potential alternative locations outside of New Jersey. financial markets, an idea that has gained support from the New Jersey governor in recent weeks. Policymakers in Trenton are actively reviewing the merits of a tax on trading in U.S. Santiago/Getty Images News via Getty ImagesĪ financial transaction tax proposal in New Jersey has caught the ire of Wall Street to the point where executives are now scouting possible new homes for their data centers. The same applies to each quarter thereafter.Trading firms and broker/dealers on Wall Street are weighing a departure from data centers in New Jersey as state legislators debate taxing trades executed there. If payments are received after February 10th, interest is retroactive to the original due date of February 1st as per New Jersey Statute 54:4-66. The grace period is through February 10th. Taxes are due : February 1, May 1, August 1, and November 1.Ī ten-day grace period to the 10th of the month is allowed by resolution of the Mayor and Council after which interest is charged from the first day of the month in which payments are due. For example, the first quarter taxes are due on February 1st. The Office of the Tax Collector bills over 3,100 taxpayers and collects taxes quarterly. The Tax Collector is charged with the responsibility for receiving and collecting all taxes and assessments both current and delinquent. The Chief Financial Officer oversees the financial operations of the Borough. ![]() This department keeps a full account of all cash receipts and disbursements of the Borough, has custody of all investments and invested funds of the Borough in a fiduciary capacity, keeps all money not required for current operations safely invested or deposited in interest-bearing accounts, handles the payroll for municipal employees, processes requisitions and purchase orders for payment and collects current and delinquent taxes. ![]() The Finance Department is responsible for all financial transactions relating to the revenues and disbursements of the Borough. ![]()
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