While NJBIA’s hard work on the FY25 state budget continues on behalf of the association’s thousands of members as it always has, it’s safe to say that NJBIA has kicked it up a notch this spring in fighting a $1 billion business tax increase proposed by Gov. Phil Murphy.
And it’s only going to ramp up more from here, as the Legislature eagerly takes in input from the business community before returning its own version of the budget back to the governor.
“We’ve been fortunate to have our legislators in Trenton who are hearing us and asking the right questions and we thank them for their engagement,” said NJBIA Chief Government Affairs Officer Christopher Emigholz. “As a general rule, they more than understand the serious impacts of this proposed tax on New Jersey’s top employers and overall competitiveness – and that’s really important.
“Fact is, this tax has serious repercussions for New Jersey’s largest job creators and innovators, even more so than the temporary CBT surcharge that sunset on December 31. And our members are telling us as much.
“So, we will do all that we can to try to stop or tamp down what will obviously be a very damaging tax that will have both short- and long-term impacts if finalized,” Emigholz said.
“It’s really important that we and others in the business community are as out there as we can be on this tax,” NJBIA President & CEO Michele Siekerka added. “Our goal is to provide information and education on the negative consequences of this tax to the Legislature, the front office and New Jersey consumers, ratepayers and workers.
“This is something where you might not see an immediate impact on July 1 as a result of the final FY25 budget,” she added. “But from the feedback I’ve received directly, we can expect a slow drip of long-term fiscal impacts that will be unquestionably damaging in terms of impacts on our jobs, the economy and to the extent our largest companies are going to make future investments here. It’s not something we can be passive about.”
Just some of NJBIA’s efforts to fight the $1 billion tax over the past two months included:
- Siekerka testifying in opposition to the $1 billion tax at both the Assembly and Senate budget committee meetings.
- Siekerka and Emigholz speaking directly to impacted businesses about the impacts and potential ramifications of the new tax.
- Nearly 50 meetings or presentations with lawmakers and/or their staff about the business tax increase.
- The coordination of more than 100 business groups from all over the state to co-sign a letter opposing the tax.
- The launch of a #dobetterforbusiness media and social media campaign demonstrating the concerns of the $1 billion tax and other negative business policies through short-form explainer videos, where members and interested parties can take action to fight the tax.
- A press conference with New Jersey business leaders explaining the negative impacts of the Corporate Transit Tax
- Numerous interviews, Op-Eds, and other stories on the proposed tax including some the following:
- NJBIA Responds to New CBT Surtax as Part of FY2025 State Budget
- Siekerka Criticizes New $1B Transit Tax on Businesses Proposed in State Budget
- Op-Ed: Why a 2.5% ‘Corporate Transit Fee’ is Worse than 2.5% CBT Surcharge
- NJBIA’s Emigholz: NJ Corporations Pay More Than Their ‘Fair Share’ of Taxes
- Emigholz: Tax Situation for NJ Businesses Is ‘Unrelenting’
- Siekerka on ‘State of Affairs’: New Corporate Transit Tax Invites Companies to Leave
- Siekerka on Spadea: Businesses Can’t Rely on the Word of NJ Policymakers
- Siekerka Urges Budget Committee to Reject Governor’s Business Tax Increases
- Siekerka Talks Murphy’s ‘Broken Promise’ to Business Community on This Weekend’s ‘Reporters Roundtable’
- Report: Revenue Growth Higher in States that Have Cut Major Tax Rates
- Siekerka: New Business Taxes Proposed in FY25 Budget Are ‘Terrible Policy’
- Corporate Transit Fee faces pushback from NJ business coalition
- Push to use sales tax revenue to help fund NJ Transit | Video | NJ Spotlight News
- Business leaders speak out on wide-ranging impact of Corporate Transit Fee | ROI-NJ
- Destination Unknown for NJ TRANSIT Taxes
- NJ Business Coalition urges lawmakers to reconsider corporate transit fee (news12.com)
- Is NY Distancing Itself from a Corporate Tax Hike?
- NJBIA’s 2024 Regional Business Climate Analysis Shows NJ Still Worst in Region – and Declining
- NJBIA FY25 Assembly Budget Testimony
- NJBIA Responds to Monmouth University Poll Question on Corporate Transit Fee
- NJBIA Calls for More Investments, Fewer Taxes, Regulatory Burdens in Senate Committee
- When a ‘Tax Cut’ Isn’t Really a Tax Cut at All
- Business Leaders Warn of Ripple Effect of CBT Increase
- Billions & Billions on the Backs of NJ Business
- Destination Unknown for NJ TRANSIT Taxes
- Policymakers Talk Impacts of $1B Business Tax Hike
- NJBIA: Efficiencies and Reforms, Not $1B Tax Increase, to Fix NJ TRANSIT
“As we have heard multiple times from the Murphy administration, the proposed state budget is now in our Legislature’s hands,” Emigholz said. “NJBIA stands at the ready to continue to work with our legislative leaders toward a more business friendly and regionally competitive budget.”
