The talk of extending the state’s “temporary” 2.5% Corporation Business Tax (CBT) surcharge – set to expire at the end of 2023 – has to end. Some are advocating it be prolonged for the purpose of funding NJTransit, which is experiencing financial problems. Others are publicly stating Gov. Murphy should break his long-term promise to end the surcharge to fund other programs. The revenue from the surcharge is NOT the solution to the state’s fiscal challenges – and it never was intended to be that.
As we reflect on the recently concluded legislative elections, it is evident that the voters have spoken, and their message is clear: The economy and affordability in New Jersey must be addressed.
Almost all New Jersey Chamber of Commerce member companies have one thing in common: The cost of providing their employees with health insurance is consistently one of their biggest budgetary challenges.
As the Legislature returns this fall, our New Jersey Chamber of Commerce lobbying team will be back in the State House pushing for policies that will make New Jersey a better place for our members to run their businesses – and for their employees to live and raise a family.
It is excellent news that CNBC, in its annual Top States for Doing Business List, ranked New Jersey as the most improved state, climbing 23 places to No. 19, after a 42nd place finish last year. This is certainly a reason to celebrate and the New Jersey Chamber of Commerce is pleased that the CNBC survey recognizes some important strengths in New Jersey’s economy.
When companies in New Jersey thrive, so do the state’s finances. When the business community thrives, state tax revenues rise, social programs are funded and the generous philanthropic giving of the business community grows.
May is small business month. Here at the New Jersey Chamber of Commerce, small business month is every month. May just gives us another excuse to say that small business employers are the backbone of New Jersey’s economy.