The New Jersey Chamber of Commerce believes the 2020 state budget that Gov. Phil Murphy signed today represents a promising step toward the fiscal responsibility New Jersey needs to revitalize its economy.
The Chamber wishes to acknowledge Gov. Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin for approving this responsible budget ahead of the constitutional deadline. Their leadership prevented a potentially damaging government shutdown and the negative consequences that would have resulted.
The good news is that Senate President Sweeney and Assembly Speaker Coughlin heeded our call, and that of many other business organizations, and scrubbed this budget of new taxes, specifically the so-called ‘millionaire’s tax.’ At the same time, the budget makes appropriate investments in education, job training and infrastructure. It also funds the public employee and retiree benefit program and provides property tax relief.
It is now critical that our state leaders take additional steps to improve New Jersey’s economy and make our state more competitive and more affordable.
Gov. Murphy and our legislative leaders must quickly adopt an economic incentive program that incentivizes businesses to come to New Jersey, to stay here, and to grow here. This must be a priority with a goal of creating a national model that enhances our competitiveness with a robust economic development tool.
We encourage the governor and legislative leaders to build on this positive budget outcome and move with diligence to find solutions to the many other significant issues our state currently faces.