There is a new governor in town and his name is Phil Murphy. And like President Trump, New Jersey Gov. Murphy has taxes on his mind.

During his days as a candidate and now as New Jersey governor, Phil Murphy has been eager to change how New Jersey taxes businesses and individuals. His major tax proposals include shifting to mandatory unitary combined reporting for corporations and imposing a “millionaire’s tax” on wealthy individuals. This article explores those proposed changes and the effect that they might have on businesses and individuals if they are signed into law.

Originally published in Law360 on March 1, 2018.