On February 28, the CCSNJ attended Governor Murphy’s FY2024 State Budget Address.

The following is a statement from Christina M. Renna, president & CEO, Chamber of Commerce Southern New Jersey:

The Chamber of Commerce Southern New Jersey (CCSNJ) was extremely pleased to hear Governor Murphy commit to no new taxes or fees in the FY2024 state budget address, as well as declare that he will honor his agreement to allow the 2.5 percent Corporate Business Tax (CBT) surcharge to expire. This surcharge, enacted during the Governor’s first year in Office, has been levied on top of the state’s already extremely high CBT tax rate of nine percent. The CCSNJ is thankful for the Governor’s commitment to seeing the surcharge sunset and looks forward to working with the Administration on a possible CBT reduction in the future, which will make the state more competitive and positioned for economic growth.

However, the CCSNJ remains gravely concerned, as it has been every year since the Governor took Office, about the total spend of the FY2024 state budget. As proposed, a $53.1 billion budget is the largest budget in state history - a 50 percent increase since 2018. The CCSNJ’s fear is that to maintain this level of year-over-year growth in spending, New Jersey will inevitably have to raise taxes on its already overburdened residents and businesses – a fact that was recently supported by a NJ Spotlight report stating that property taxes increased by 2 percent since last year. The CCSNJ strongly encourages the Administration to consider new, reliable, long-term revenue sources in the context of the final FY2024 state budget that can be depended upon in the future to assure the state does not overspend, leaving the businesses and taxpayers unfairly responsible to make up the difference.

Another worrisome exclusion from the FY2024 state budget address was any mention of small business assistance. Small businesses, especially those in our urban centers, and those that are minority/women-owned, were deeply impacted during the pandemic and continue to struggle to regain their footing. The CCSNJ looks forward to reviewing the details of the budget proposal with hope that some assistance has been allocated to the state’s small Main Street businesses, but was distressed to not hear any mention of it in the Governor’s remarks. 

Lastly, on a positive note, the CCSNJ was elated to learn more details on the new $100 million Boardwalk Fund. This much-needed program will partner with shore towns and counties to ensure that boardwalks get the attention they need to be repaired and rejuvenated. In South Jersey, specifically in municipalities like Atlantic City and the Wildwoods, these funds are extremely welcome to assure local boardwalks are safe and enjoyable tourism destinations. 

As is our practice, the CCSNJ will carefully review the Governor’s budget document, deliver testimony at the public hearings, and looks forward to providing the Administration and state policymakers with our feedback.”

To read the Governor’s full FY2024 Budget Address, click here.