NJBIA's Annual Public Policy Forum - Planning Prosperity REGISTER NOW

NJBIA President and CEO Michele Siekerka issued the following statement regarding Wednesday’s announcement of the expansion of the ANCHOR Property Tax Relief Program by Gov. Phil Murphy, Senate President Nicholas Scutari and Assembly Speaker Craig Coughlin.

“While we appreciate the expansion of the ANCHOR Property Tax Relief Program and its aim to bring more affordability to many New Jersey residents and renters, it continues to provide no relief to business owners – who pay nearly half of the state’s property taxes.

“With this continued omission of relief for businesses which continue to struggle post-pandemic with skyrocketing inflation, fuel costs and labor challenges, it is even more imperative that our policymakers bring more immediate affordability to our job creators as this budget cycle comes to a close.

“With New Jersey businesses facing a $1 billion unemployment insurance tax increase over three years through no fault of their own, we urge our policymakers to expedite merged bills A-3683/A-2152/S-2378/S-733 (Freiman/Greenwald/Gopal/ Madden) to the Governor’s desk. This legislation will provide significant tax relief for small businesses paying increased UI payroll taxes – which are actually taxes on jobs, not on wealth or profits.

“Additionally, to help employers now and to help all New Jerseyans facing longer waits this summer at the businesses they visit, we urge the Legislature to advance a new bill, S-2796/A-4222. This bill will help expand teen working hours and allow employers to increase their worker capacity. It is one of the most important steps our policymakers can take right now to address the workforce crisis.

“NJBIA also asks policymakers and the Governor to end diversions within the state budget to right our fiscal ship. This includes stopping the shift of $38.5 million from underfunded licensing boards and the diversions of energy tax receipts funding meant for municipal property tax relief.

“These structural reforms would provide workforce solutions and real property tax relief to all at an opportune time. All of these steps will help small businesses throughout the state at this critical juncture.”