New Jersey Gov. Chris Christie will propose a further cut in the state's corporate tax rate during his budget address in February, the governor told CNBC Wednesday.
“New Jersey isn't the perfect place to do business now,” said Christie, “but we're on the upswing.”
New Jersey-based corporations pay a 9.4 percent tax rate, one of the highest in the country. The nonpartisan Tax Foundation recently ranked New Jersey 48th, up from 50th, in having a favorable business climate.
“We cut the corporate tax rate last year. We're going to put together in my budget address of Fed. 22 more tax cuts that we're going to do in the context of a balanced fiscal year '12 budget,” said Christie.
Christie, a Republican, declined to spell out details of his plan for cutting corporate tax rates, saying he wanted to leave taxpayers and Democrats in the state legislature in “suspense" until his address.
Christie and Illinois Governor Pat Quinn, a Democrat, have been sparring on which state is better for business.
“The promise I made to the business owners in Illinois is ‘Come to New Jersey, and as long as I'm governor, we're not going to raise your taxes,' ” said Christie.
“If you stay in Illinois," he added, "you know for a certainty that Pat Quinn is going to raise your taxes.”
Illinois recently raised the corporate tax rate from 4.8 percent to 7 percent for tax years 2011-2014, according to the Peoria Times Courier. The new business tax rate, with the hike in the personal property tax replacement tax, gives Illinois the third highest business tax rates in the country, behind Minnesota and Pennsylvania, reported the paper.
Christie, a rising star in the Republican party who is often mentioned as a potential candidate for president, said Wednesday that he’s not planning a run for higher office now.
“Just because you see political opportunity, that's not an excuse to run,” he said. “I have to believe in my heart that I'm ready. I love being the governor. I have big things to accomplish here, and that does not include leaving and running for national office.”
Watch Larry Kudlow's entire interview with Gov. Christie tonight at 7pm ET on "The Kudlow Report."