- 2022-07-28
- ROI-NJ Op-Ed
States across U.S. are using federal pandemic relief to help strengthen their business climates. N.J. should, too
Before signing the new state budget, Gov. Phil Murphy repeatedly said that he wants New Jersey’s taxpayers to get the biggest bang for their buck.
Taxpayers would have seen the biggest bang had the Fiscal Year 2023 state budget invested adequately in New Jersey’s small businesses — the constituency that creates the jobs and generates the tax revenue to support the governor’s programs.
Unfortunately, the new budget does not do that.
- 2022-07-27
- ROI-NJ
Pa.’s plan to dramatically drop business tax rate has some asking: Why not here?
- 2022-07-12
A New Jersey Chamber of Commerce Foundation program that helps high school students graduate and develop college and workplace skills was honored yesterday at an event in Las Vegas. The program, ‘Jobs for America’s Graduates New Jersey’ (JAG NJ), received national honors for its effective work assisting high school students – once considered at-risk for dropping out of school – graduate and go on to succeed in full-time jobs, the military or post-secondary education.
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.