The state’s $50.6 billion budget becomes law today and, as the New Jersey Chamber of Commerce pointed out yesterday, a meager $50 million (one tenth of one percent) is allocated to support the business community in response to our repeated pleas for the state to help small business.
And as we have also pointed out earlier, this was an enormous opportunity missed to right our economic ship.
The New Jersey Chamber of Commerce anticipates the state Legislature will pass the FY2023 budget and Gov. Murphy will sign it into law this week.
This budget surpasses $50 billion in spending – by far a record for this state.
- 2022-06-16
The announcement yesterday by Gov. Murphy, Senate President Scutari and Assembly Speaker Coughlin of $2 billion in property tax relief as part of the ANCHOR program is good news for many New Jersey residents and a step toward making New Jersey more affordable.
Unfortunately, the ANCHOR program provides no property tax relief to New Jersey businesses which pay about half of the state’s property taxes and are still trying to recover from the unprecedented fiscal challenges of the COVID-19 pandemic.
Business and state government leaders filled the galleries and the outdoor mall of the New Jersey State Museum in Trenton on June 9 for the New Jersey Chamber of Commerce's 25th Annual Open House.
- 2022-06-13
- ROI-NJ Op-Ed
When the New Jersey Chamber of Commerce hosted a ReNew Jersey Business Summit & Expo in Atlantic City in April, more than 600 business and political leaders came together to discuss ways to revitalize New Jersey’s economy.
The summit came at an opportune time, because, right now, New Jersey is staring at an $11 billion revenue windfall, thanks to the $3 billion in unspent American Rescue Plan money combined with the state Treasury’s announcement that tax revenue over the next 14 months is projected to be nearly $8 billion more than originally projected.
- 2022-05-17
On Monday, the State Department of Treasury and the Office of Legislative Services each forecast a revenue windfall for New Jersey in testimony before the state Senate Budget and Appropriations Committee.
If their estimates are borne out, New Jersey’s coffers will see almost $7 billion more in revenue than was projected by the Murphy administration in March for fiscal years 2022 and 2023. This windfall is bolstered by increased economic activity in the state since the COVID-19 pandemic restrictions were eased.
This revenue windfall is in addition to the reported $3 billion still available to New Jersey in American Rescue Plan funding.
- 2022-03-08
The New Jersey Chamber of Commerce welcomes the words of Gov. Phil Murphy during his budget speech today that New Jersey is getting back to normal after two years of the COVID-19 pandemic.
The N.J. Chamber further welcomes the governor’s pledge that there will be no new taxes or fees in the FY2023 budget, and acknowledges the strong investment this budget makes in education and infrastructure.
- 2022-02-28
The In-Person Summit will Feature a Two-Day General Session of Interactive Discussions about How to Re-Ignite New Jersey's Economy
#ReNewJersey
The New Jersey Chamber of Commerce announced that Gov. Phil Murphy will deliver the keynote remarks at its ‘ReNew Jersey Business Summit: A Time for Answers’ on April 13 and 14, 2022 at the Borgata Hotel in Atlantic City. The governor’s remarks will come on the afternoon of the first day of the statewide Business Summit.
- 2022-01-11
Statement by N.J. Chamber President and CEO Tom Bracken:
The New Jersey Chamber of Commerce is pleased that, according to news reports, Gov. Phil Murphy says he will focus on economic opportunity and affordability in his State of the State address later today.
- 2021-11-23
- ROI-NJ Op-Ed
Last week, President Joe Biden signed into law the landmark infrastructure legislation that is scheduled to send about $13 billion to New Jersey to help fix and upgrade our roads, bridges, mass transit, sewer and water piping and high-speed internet networks.
This infusion of money will go a long way toward kick-starting New Jersey’s economy.
Now, with the Legislature back in session, it is time for our state leaders to double down on Congress’ infrastructure investment in New Jersey by releasing a substantial portion of the reported $4 billion remaining in the American Rescue Plan relief fund to help our many struggling businesses get back on their feet.