New tax laws signed

Trenton — Two pieces of legislation which streamline New Jersey’s tax structure have been signed into law. S-2753 simplifies the formula by which business taxes are calculated, requiring a single sales factor formula instead of the current three factor formula. S-2754 provides tax relief to small businesses by allowing taxpayers who generate income from different types of businesses to offset gains from one type of business with losses from another, and allow those losses to be carried forward for up to 20 years.