Legislative Priorities

New Jersey Chamber of Commerce Top Advocacy Issues – Spring 2025

New Jersey’s economy is grappling with significant uncertainty. In February, Governor Murphy proposed a record-high state budget that includes $1.2 billion in new fees and taxes, along with increased spending. At the same time, the threat of substantial federal aid cuts looms, which could derail the proposed budget and jeopardize essential services for residents. Looking ahead, massive budget deficits are projected for future fiscal years. Meanwhile, the high cost of living continues to strain both businesses and families. Adding to the uncertainty is the question of who New Jersey’s next governor will be—and what direction that person will take the state. Now, the recent tariff announcements have only amplified the challenges we already face. One thing, however, is clear: New Jersey businesses of all sizes need support now more than ever, especially if the worst-case scenario becomes reality.

To navigate through this economic storm, we propose the following actions:

• Ensure that building a strong economy is the highest priority for the Administration and Legislature.

The fiscal 2026 State of New Jersey budget:

• Avoid Harmful Tax Hikes: Eliminate proposed tax increases on gaming, cell phone bills, real estate, and cannabis purchases, as well as the new $2-per-truck fee on warehouse deliveries – all of which will have negative ripple effects on the economy.
• Prioritize Business Support: Replenish proposed budget cuts to fund agencies that directly support business growth, such as the New Jersey Economic Development Authority, the Business Action Center, and Small Business Development Centers.
• Increase allocations to higher education to support job training and workforce preparedness to ensure residents are adequately prepared for the changing world.
• Restore funding to the Main Street Recovery Fund, a critical resource for small businesses, which was cut by over 66%, leaving just $9 million – a paltry sum for a state of New Jersey’s size.

Other economic growth priorities include:

• Reenergize the state’s Government Efficiency and Regulatory Review Commission to identify inefficiencies and overly burdensome regulations that hurt businesses and stifle economic growth.
• Ensure there are more public contract opportunities awarded to minority-owned businesses and more career opportunities for minority workers at all levels. We are partnering with diverse chambers of commerce and the NJ Diverse Business Advisory Council on this priority.
• Encourage continual civil discourse among politicians, government officials and all those debating policy, so that partisan disagreements do not stifle economic growth.