N.J. Chamber of Commerce President and CEO Thomas Bracken's statement on TTF Funding Legislation passed by the Assembly:
The New Jersey Chamber of Commerce is pleased that the bill passed by the State Assembly on Monday night replenishes the Transportation Trust Fund.
It is imperative that we begin to invest in the repair and upgrades of our roads, bridges, tunnels and other infrastructure as soon as possible. This is critical to our state's economic health and to the safety of the thousands of New Jersey drivers who use and depend on this infrastructure every day.
While the Chamber is always supportive of tax relief, which the Assembly bill provides with the reduction in the state sales tax and the retention of the retirement income exemption, these alone do not go far enough in helping revitalize New Jersey's economy and making our state more competitive and affordable.
We strongly believe a once-in-a-generation opportunity to transform New Jersey's economy will be missed if the state Legislature does not enact the meaningful tax reform that was incorporated in the original omnibus bill.
Eliminating the estate tax, increasing the earned income tax credit and restoring charitable allowance deductions, along with an increase in the retirement income exemption, should be enacted now. These reforms will allow New Jersey to more effectively retain and attract new business, new investment and new jobs. The result will be more opportunity and an improved quality of life for everyone in our state.
The New Jersey Chamber of Commerce will continue to strongly advocate for these important tax reforms as they are vitally important to the future of our state.