Summer is coming to an end, and business is back
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.
We are encouraged, by recent developments in Trenton, that our state leaders are serious about improving the business climate.
Over the summer, Gov. Murphy and legislative leaders announced they are allowing a 2.5% surcharge on the state’s corporate business tax to expire at the end of the year. They passed additional business tax reform that will help make New Jersey’s business climate more competitive, as well as new policy to streamline the permitting process for construction projects.
In the meantime, in its annual Top States for Doing Business List, CNBC ranked New Jersey as the most improved state, climbing 23 places to No. 19.
It’s true, the state’s fiscal image has been enhanced under Gov. Murphy and the current Legislature – with seven credit rating upgrades, a record budget surplus for the 2024 fiscal year and the third full state pension payment. But New Jersey still ranks 44th as the most expensive state in which to do business, and 48th for least business-friendly in a CNBC survey.
So when members of the Legislature returns this fall, our team will be walking across the street to the State House with recommendations to help further improve the business climate, create new jobs and expand the state economy.
We are pressing the governor and legislative leaders to:
- Replenish the state’s Unemployment Insurance (UI) Fund, as many states have done, instead of relying on payroll tax increases on employers;
- Create a significant grant fund that would provide working capital to entrepreneurs and business owners that are dealing with inflation, a credit crunch and the prospect of a recession;
- Re-energize the state’s Government Efficiency and Regulatory Review (GEARR) 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 businesses and there are more career opportunities for minority workers at all levels. We are partnering with diverse chambers of commerce on this priority;
- Create an Economic Council that meets on a regular basis comprised of members of the business community, the state Legislature and the Governor’s Office to discuss economic issues, including workforce development initiatives that will help solve the acute job opening situation we are currently facing; and
- Encourage continual civil discourse among all politicians and government officials so that partisan disagreements do not impact ratings issued by credit rating agencies as well as stifle overall economic growth.
I participated in a fireside chat with Gov. Murphy in late July and he was open to further discussion about some of these priorities, including the key N.J. Chamber proposal to create a significant state fund to provide grants to companies. The governor said it is something worth considering, noting “banks, especially regional banks, have pulled back” on lending – creating a credit crunch for small businesses.
The New Jersey Chamber serves as the voice of the business community in the State House, and we take our job seriously. We’ll keep you updated on the status of our key agenda items – and call on you if we need your voice to weigh in to amplify our messaging.
We work frequently and closely with our leaders in Trenton. In fact, we will be recognizing some at our Legislative & Business Awards Reception on Oct. 11 at the Manasquan River Golf Club in Brielle. I invite you to attend this reception. It is a good opportunity to talk with legislative leaders, executives from the Murphy administration, movers and shakers in the business community and your fellow chamber members.
Business leaders like you are why we are here.
And if you see me at New Jersey Chamber of Commerce events, please introduce yourself.
I’d like to hear your thoughts on the state’s business climate, and ways to make it better.
Let’s work together.
