The New Jersey Chamber of Commerce thanks the governor and legislative leaders for including, in the budget, tax reform measures that make New Jersey more attractive to companies based in our state and companies considering relocating to our state.
These reforms are good, but they are just the beginning. The business community of New Jersey, even with those changes, is still in need of substantial support, such as:
- Replenishing the state’s Unemployment Insurance (UI) Fund, as many states have done, instead of through business payroll tax increases;
- Creating a significant grant fund that would provide working capital to entrepreneurs and business owners that are dealing with inflation, a credit crunch and the very real prospect of a recession;
- Re-energizing the state’s Government Efficiency and Regulatory Review (GEARR) Commission to identify inefficiencies and overly burdensome regulations that hurt businesses and stifle economic growth.
We will seek regularly scheduled discussions with legislative leaders and the administration on these initiatives.
New Jersey needs true tax reform so we can take advantage of all of our outstanding economic assets – and be the place of choice for executives, business owners and entrepreneurs seeking to expand and create jobs.
The healthy surplus realized in the fiscal 2024 budget is largely aided by billions in federal pandemic aid. Forecasts warn that when that aid runs out in future budget seasons, New Jersey will again be in serious need of revenue, facing potential billion dollar deficits. And, the only way to generate long-term, stable, organic sources of revenue is through a strong economy – which is led by business.
When the business community thrives, state tax revenues rise, social programs are funded and the generous philanthropic giving of the business community grows. These are the hallmarks of a state with a solid economy. Let’s make it happen working with the governor and the state’s legislative leaders.