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.
The recent release of a state Disparity Study by the Murphy administration has shed light on a longstanding issue in Trenton – the inequities in public contract opportunities for minority-, veteran-, and women-owned businesses in New Jersey. Examining five years of procurement data across goods and services, professional services, and construction, the 221-page report confirms what many already knew: A significant disparity exists.
The disparity study recognizes the need for immediate action in order for there to be more equity in government contracting for Minority and Women-Owned (MWBE) businesses. The imbalances outlined have long been articulated by those affected – and is the focus of one of the Chamber’s economic priorities that calls for equal opportunities for MWBEs when it comes to securing not only public but also private sector contracts. Increasing supplier diversity spending with MWBEs has economic and social benefits for all by enhancing competition, encouraging innovation, increasing job creation and supporting communities. Now it is time to move forward and have constructive dialogues and collaborations between the Administration and our business community colleagues to develop solutions that remedy the inequities that exist.
—Thomas Bracken, President & CEO, New Jersey Chamber of Commerce
To read the Governor's press release and view study, click here.
The Governor’s State of the State address emphasized affordability and continuing to grow a fair, strong and inclusive economy to create the best state to raise a family. He mentioned several times the need to “work together” to achieve those goals.
The Governor’s State of the State address emphasized affordability and continuing to grow a fair, strong and inclusive economy to create the best state to raise a family. He mentioned several times the need to “work together” to achieve those goals.
The New Jersey Chamber of Commerce Board of Directors recently elected nine new board members representing various fields across the state. The expertise these leaders bring to the Chamber Board will strengthen the organization's work of fostering a strong business environment in New Jersey.
The talk of extending the state’s “temporary” 2.5% Corporation Business Tax (CBT) surcharge – set to expire at the end of 2023 – has to end. Some are advocating it be prolonged for the purpose of funding NJTransit, which is experiencing financial problems. Others are publicly stating Gov. Murphy should break his long-term promise to end the surcharge to fund other programs. The revenue from the surcharge is NOT the solution to the state’s fiscal challenges – and it never was intended to be that.
On December 6, over 80 New Jersey Chamber of Commerce members attended an exclusive breakfast briefing from some of Gov. Phil Murphy's key advisors, including Chief Counsel Parimal Garg, Chief Policy Advisor Dennis Zeveloff, Office of Climate Action and Green Economy Executive Director Catherine Klinger Kutcher, and Office of Diversity Equity, Inclusion, and Belonging Director Jayné J. Johnson.