NJBIA’s Michele Siekerka Reacts to Governor’s State of the State Address

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“As we embark on a new decade, we can all support a New Jersey where everyone has the greatest opportunity to succeed.

“Through the midpoint of his term, Governor Murphy has defined his mission for a ‘stronger and fairer’ economy. Part of the fulfillment of this calling has been a focus on returning New Jersey to its status as the Innovation State, and positive steps to foster workforce development.

“We commend the governor for these efforts, and we look forward to learning more about Jobs NJ as its mission aligns with our continued workforce development efforts.

“The major issues that remain for New Jersey, however, are escalating taxes, untenable increases in spending, deepening fiscal deficits and a worsening business climate. For the sake of our affordability and competitiveness, New Jersey needs to reverse course on each of these issues.

“New taxes of any kind will not address or solve New Jersey’s structural challenges. We simply cannot tax ourselves out of our pension liability and post-employment benefit obligations. New Jersey desperately needs a commitment to impactful fiscal reforms to ensure a stable future, instead of continued, excessive taxation heaped upon overburdened residents and businesses.

“Re-authorizing a new tax incentive program is the next big step, and it’s one Governor Murphy and the Legislature must take together. This urgency cannot be overstated. It should have appropriate oversight and regular reviews of effectiveness. But it also should be a strong, robust program to give New Jersey the competitive boost it sorely lacks right now.

“Absent a strong economic incentive program, New Jersey cannot level a playing field mined with excessive taxes and costs.”