NJBIA Vice President of Government Affairs Christopher Emigholz has submitted testimony to the Assembly Appropriations and Senate Budget and Appropriations committees highlighting the great need for the Economic Recovery Act of 2020 (S-3295/A-4), after 18 months of New Jersey having no active, comprehensive economic development program.
Emigholz details the strengths of the legislation, as it meets four of the five prongs that NJBIA asserts to improve New Jersey’s economy: Affordability, Innovation, Workforce Development and Infrastructure.
He also explains weaknesses in the bill as it relates to regulatory burdens and mandates that might offset the positives designed to attract and retain businesses.
Recommendations for future checks of balance, once the tax incentive program is in place, are also part of Emigholz’s testimony.
“NJBIA has been asking for more balance and an economic plan reflecting that throughout the economic struggles of this pandemic, and we believe this bill represents that balanced plan,” Emigholz said.
“It is impossible to know if this economic development plan will achieve the right balance, but we ask the Legislature for a chance to revisit this balance in the future as we learn more about the strengths and weaknesses of this bill. We do appreciate that this plan does not continue the unrelenting tax increases, cost drivers and regulatory burdens that we have seen over the course of the pandemic instead providing new supports to an economy on the brink.”
To see Emigholz’s full testimony, click here.