Mikie Sherrill’s New Gross Profit Corporate Tax Plan Could Put Many New Jersey Small Businesses Out of Business

Proposed limits on loss write-offs spark debate over affordability, revenue and business climate

TRENTON, N.J. — A proposed change to New Jersey’s business tax structure is drawing sharp debate as state leaders push to limit corporate deductions while critics warn the plan could hit small businesses operating on thin margins.

The proposal, backed by Gov. Mikie Sherrill, would restrict how companies use net opera...