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Friday, March 24, 2017
8:00 a.m. - 10:00 a.m.
The Mansion on Main Street, Voorhees
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The successful business cannot exist without earning relevance for the people it serves. And that relevance is fortified by an ongoing relationship. Learn from three visionary leaders in hospitality and healthcare about the importance of connecting with the consumer in the consistent delivery of quality to their customers. Hear how Virtua, The Borgata, and Ritz-Carlton are learning from each other and delivering value through consumer loyalty.
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Good Morning South Jersey Series
Wednesday, March 22, 2017
8:00 - 10:00 a.m.
The Mansion on Main Street, Voorhees
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Meet the Policymakers
Friday, March 31, 2017
11:30 a.m. - 1:30 p.m.
The Westin Mount Laurel, Mt. Laurel
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Communications & Energy Committee
Wednesday, April 5, 2017
8:00 - 10:00 a.m.
The Mansion on Main Street, Voorhess
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Future of Atlantic City
Friday, April 7, 2017
8:30 - 11:30 a.m.
Resorts Atlantic City, Atlantic City
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Business After Business
with CCSNJ's Board of Directors
Wednesday, April 12, 2017
5:30 - 7:30 p.m.
Woodcrest Country Club, Cherry Hill
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Shareholders of closely held C corporations can currently sell stock to an employee stock ownership plan ("ESOP") in a tax deferred "rollover" transaction under Section 1042 of the Internal Revenue Code of 1986, as amended (the "Code"). As long as the requirements of Code Section 1042 are satisfied, the selling shareholder can elect (the "1042 Election") to defer capital gains taxes by reinvesting the proceeds into qualified replacement property ("QRP) - securities of domestic operating corporations. Investing in securities of international corporations or mutual funds will not constitute QRP. By making a valid 1042 Election, the selling shareholder defers capital gains, and the associated federal taxes, until the QRP is sold. However, if the QRP is held until death, capital gains, and the associated federal taxes, are forever eliminated. These tax benefits can make ESOP transactions an attractive exit strategy for shareholders of closely held C Corporations.
For example, if Shareholder X sells a sufficient amount of stock (at least 30% of his stock or at least 30% of value of the company) to an ESOP for $20 million and elects Code Section 1042 treatment by reinvesting the proceeds in QRP within the applicable time period (generally 12 months from the date of sale), he will avoid having to currently pay $4 million in federal capital gains tax (20% of $20 million) with respect to such sale. This example assumes that Shareholder X's basis in the stock is zero. Note, the savings in capital gains tax can exceed 20% if the state of Shareholder X also exempts the sale and reinvestment into QRP from state capital gains tax. If Shareholder X holds onto the QRP until death and his estate disposes of the QRP, the estate will have no federal capital gains tax exposure because the estate takes the QRP with a stepped up basis equal to $20 million. Obviously, if the estate sells the QRP at an amount in excess of $20 million, the excess of the sales price above the estate's $20 million basis would be subject to federal capital gains tax.
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Environment Committee Discusses Land Use Regs
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On March 7, CCSNJ's Environment Committee featured Ginger Kop'Kash, Assistant Commissioner of Land Use Management for NJDEP, who provided an update on recent changes to Land Use regulations in New Jersey and what the Division will be working on in 2017.
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Development Initiatives Highlighted at
Committed to Camden Forum
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On March 10, nearly 300 Chamber members gathered to learn more about development in the City of Camden from Mayor Redd and a panel of leaders at the Committed to Camden Forum held at Adventure Aquarium. Mayor Redd announced a partnership between the City of Camden and CCSNJ to form the Committed to Camden Committee. The committee will link small businesses in Camden with those companies/organizations already existing or located in the City in order to promote business-to-business opportunities.
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CCSNJ's Emerging Leaders Connect
with Non-Profit Community
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On March 16, young professionals gathered at The Victor Pub in Camden for an after-hours networking reception and to meet representatives from SJ's non-profit organizations to learn more about volunteer and leadership opportunities.
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Paid Family Leave Extension Legislation Announced
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On March 8, Senate President Steve Sweeney and Senator Patrick Diegnan proposed for introduction S-3085, which would expand New Jersey Paid Family Leave program that was adopted in 2008 and enacted in 2009.
Current law allows for six weeks of benefits to care for sick/disabled family members or the birth/adoption of a child at two-thirds of the employee's salary. Under the new legislation, weekly benefits would double from six to 12 in a one-year period and the weekly benefit amount would increase dramatically from two-thirds of a worker's average weekly wage to 80 percent (with a cap at 53% of the person's median salary). Additionally, in cases of intermittent leave, the maximum number of days would also double annually from 42 to 84.
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March 21
March 22
March 23
March 24
March 30
March 31
April 5
April 6
April 7
April 12
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ADVERTISEMENT
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Ricard D. Horner,
CLU, ChFC, CASL, RICP
Financial
Advisor
Northwestern Mutual
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Ask an Ambassador to help you! We are like the cool kids back in high school but even cooler and better dressed. Seek us out and tell us to introduce you to a particular person you would like to meet. Or be more general and let us know about your business and the type of person you would like to meet. We know lots of people and can point you in the right direction
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Imagine being able to assist local charities by doing something as simple as offering your employees access to beverages in your facility. Coca-Cola, in partnership with CCSNJ, offers members access to the Vend4Cause program. Vending machines and/or coolers supported by Coca-Cola can be placed in your business and a portion of every dollar spent is given to a charity of your choice. For more information click here.
Contact:
Ashley Merryman at Charity Changer at (816) 787-7400 or
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Genova Burns At
torneys-At-Law is pleased to announce ten Genova Burns Attorneys Named to the 2017 NJ Super Lawyers List and Six Named to the Rising Stars List. Receiving special recognition, Chairman
Angelo J. Genova
was voted #3 to the New Jersey Super Lawyers list of
Top 10 Lawyers
and was also named in the
Top 100 List
. More
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Seabrook House is a CARF-accredited addiction and co-occurring mental health treatment center, with locations throughout New Jersey.
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