N.J. Chamber of Commerce President and CEO Thomas Bracken's Statement on the TTF Replenishment and Tax Reform Agreement
The NJ Chamber of Commerce believes the agreement announced Friday afternoon by Governor Chris Christie, Senate President Steve Sweeney, and Assembly Speaker Vincent Prieto is great news for New Jersey and we urge the legislature to approve these measures as soon as possible.
We also want to thank Senator Paul Sarlo and Senator Steve Oroho who began the work that led to this agreement.
It is important to look at this agreement in its entirety. On balance, it makes New Jersey more economically competitive and more affordable for everyone.
The benefits are very clear.
Investing $16 billion in the Transportation Trust Fund over the next eight years will allow us to upgrade roads, bridges and tunnels, modernize our airports and expand the capacity of our ports - all of which will stimulate our economy now and lay the groundwork for future economic growth while retaining and attracting new business to our state.
Eliminating the estate tax, reducing the state sales tax and the other reforms which are part of this package will result in new long term investments in our state, make our tax structure more equitable and our state more affordable.
I urge everyone to stop looking in the rear view mirror and pointing fingers about how we got into this situation.
This bipartisan agreement is transformational for New Jersey's future and we should all embrace it and support it.