The nightmare might be coming true.
Back in March when we first heard about the proposed budget, the Corporate Transit Fee (CTF) and the buck-a-truck tax, I called it a “nightmare” budget proposal that’s “a major step backwards” for the state.
Well, with less than one week before the fiscal 2025 state budget has to be signed by Governor Murphy, some disappointing news is emerging. Word on West State Street is Governor Murphy and our legislative leaders have agreed on a 2.5% CTF retroactive to Jan. 1, 2024 and lasting for five years, which means the original proposal by the governor is in full force for five years.
Diane Wasser, EisnerAmper’s Partner-in-Charge of New Jersey and Managing Partner of Regions at EisnerAmper, was elected treasurer of the New Jersey Chamber of Commerce Board of Directors at its June 5 annual meeting. Wasser, a Chamber Board Audit Committee member, has been a board member for four years.
“It is an honor to be elected board treasurer,” said Wasser. “I look forward to working with Chamber staff and the other board officers in advancing the organization’s work of ensuring that New Jersey remains a desirable state to operate a business providing good-paying jobs to employees.”
There has been a lot of discussion about the proposed 2.5% Corporate Transit Fee on New Jersey’s largest employers and we at the New Jersey Chamber of Commerce, along with many of our trade association colleagues, are totally against it and would like to see it eliminated. Everyone agrees New Jersey Transit needs to get its fiscal house in order; however, the employer community stands firm that the CTF will never be a viable solution. Thanks to NJ Transit’s increased funding sources, policymakers can instead spend the next year doing a deep dive into the agency’s true financial position and needs — and not rush through a proposal during budget season with many negative economic consequences.
By Tom Bracken
There has been a lot of discussion about the proposed 2.5% Corporate Transit Fee (CTF) on New Jersey’s largest employers and we, along with many of our trade association colleagues, are totally against it and would like to see it eliminated. Everyone agrees NJ Transit needs to get its fiscal house in order, however, the employer community stands firm the CTF will never be a viable solution. Thanks to NJ Transit’s increased funding sources, policymakers can instead spend the next year doing a deep dive into the agency’s true financial position and needs – and not rush through a proposal during budget season with many negative economic consequences.
The U.S. News & World Report last week released its rankings of the best states – and for New Jersey, there was good news and bad news.
The magazine named New Jersey the 14th best state overall – positive news. But when the study examined fiscal stability, a metric important to the state’s business environment – it ranks New Jersey a dismal 48th. This follows a CNBC study last year that placed New Jersey a much-improved 19th overall on its list of “Top States for Business.” But it too acknowledged critical shortcomings – ranking New Jersey 44th in cost-effectiveness and 48th in business-friendliness.
NJ Chamber is Joined by 40 Local and Regional Chambers of Commerce to Oppose Business Tax Hikes. Read The Letter We Sent to Legislators
The N.J. Chamber of Commerce is being joined by over 40 local and regional chambers of commerce statewide to oppose the proposed "Corporate Transit Fee" on New Jersey's large companies, and the proposed "buck-a-truck" tax on trucks that deliver goods to and from warehouses in the state. Both measures are contained in the proposed state budget that was put forward by Gov. Murphy and is currently being considered by the state Legislature.
The New Jersey Chamber of Commerce extends our deepest condolences on the passing of Rep. Donald Payne, Jr., a dedicated member of the New Jersey Congressional delegation who championed the cause of Essex County small businesses and tirelessly advocated for housing issues in the communities he represented. His presence at the Chamber's Walk to Washington and Congressional Reception in D.C. will be sorely missed, but his legacy of service and commitment will continue to inspire us all.
—Tom Bracken, President & CEO, New Jersey Chamber of Commerce
It has been over six weeks since Gov. Phil Murphy proposed a highly punitive business tax increase on the state’s largest companies in his fiscal 2025 state budget. Essentially, he is saying New Jersey should replace the temporary 2.5% Corporate Business Tax surcharge that expired at the end of 2023, and repackage it as a Corporate Transit Fee. This tax hike would affect New Jersey’s largest job creators, tax revenue producers and philanthropic givers — in a very bad way, as would the “Buck a Truck” proposal, which is an unnecessary nuisance tax on the state’s burgeoning logistics industry. Moreover, the proposals would hurt the progress New Jersey has been making as a desirable location to run a business.
Takeaways from Last Week’s ReNew Jersey Summit & Expo
Last week, we had the privilege of hosting the remarkable ReNew Jersey Business Summit & Expo in Atlantic City, attended by 850 leaders in business, nonprofits, government, and academia. The energy, insights and optimism shared during the Summit were inspiring.
A plan to raise the state’s per-gallon gas tax by 1.9 cents per year over five years to fund the state highways, roads, bridges and other infrastructure projects has garnered the approval of the New Jersey Chamber of Commerce.