I hope everyone is having a great start to the New Year. I am already encouraged that 2023 will be a year in which the governor’s office and Legislature focus on implementing policies that help New Jersey companies during this time of great economic uncertainty. That’s because recent comments and actions by the governor and legislative leaders endorse pro-economic growth measures that the New Jersey Chamber of Commerce and other business groups have been seeking for quite some time.
Last week, I attended Gov. Murphy’s State of the State address, and it was an encouraging speech for the business community. We appreciate that he highlighted the importance of improving transportation infrastructure, protecting tourism, preparing students for the workforce, growing the middle-class, and focusing on new industries that have the potential to create tens of thousands of jobs, such as offshore wind, cannabis and film and television production. It was an optimistic speech and the Chamber endorses his pro-New Jersey message.
Also, last week, in a Bloomberg media interview, the governor recognized the challenges that New Jersey businesses are facing – inflation, supply chain issues, energy price increases, labor shortages and the specter of a recession – and the need for the state to do more to support our companies. He said he supports the Senate Budget Committee Chair Paul Sarlo’s proposal to end the state Corporation Business Tax (CBT) surcharge when it expires at the end of 2023. The governor also, in the same interview, alluded to no new taxes and significant tax cuts for New Jersey. All of this, if enacted, makes our state more competitive and affordable.
Further, the Murphy administration recently signed two Chamber-supported bills, including A-573, which streamlines the construction inspection process by allowing for third party, private-sector inspections when municipal inspectors cannot complete the work within three days. This eliminates an impediment to economic development that results in our state becoming more business friendly and helps in our quest to improve our competitiveness.
The other bill, A-4929, signed in December, changes the number of hours employees must physically work in an office in order for companies to continue to qualify for certain state tax incentives. This encourages those employers to continue to invest in New Jersey. Where and how employees work has changed drastically since the pandemic and this provides employers with flexibility in regards to complying with tax incentive requirements.
All of this is positive momentum and we look forward to continued collaboration between state government and business on programs and policies that ensure New Jersey’s companies of all sizes can succeed, so the state of New Jersey can succeed.
How You Can Help in 2023
While we applaud Gov. Murphy and the Legislature for the pro-growth work they have been doing, there is more to be done – and we need your help to support the New Jersey business community in various ways.
One way is by attending the Chamber’s ReNew Jersey Business Summit & Expo on March 14 and 15 at Harrah’s Resort Atlantic City. Our state government leaders will be there. We want a strong turnout to help demonstrate that the business community is united in demanding government policies that improve the state business climate, and help us all succeed. The Summit will provide an opportunity for you to address local and statewide business issues – and ultimately help craft our recommendations to Gov. Murphy and legislative leaders.
Another way you can assist fellow New Jersey companies is by purchasing, if possible, as many goods and services from other New Jersey businesses, not forgetting to consider our minority-, women-, LGBTQ+- and veteran-owned businesses right here in the Garden State. The BuyNJ concept to support local businesses is very important. Our small businesses continue to struggle because economic uncertainty and all they’ve been through the past three years. Let’s give them serious consideration the next time you are seeking supplier or service providers.
As always, I am grateful that you are a member of the New Jersey Chamber of Commerce, and that you support our work every day to make New Jersey a great place to live and to run a business – for everybody.
