In an op-ed published Tuesday on the business news site BINJE, NJBIA and the State Chamber of Commerce warn a proposed climate Superfund bill sets a dangerous precedent that will unfairly penalizes businesses for producing a legal product and deal a blow to New Jersey’s economy, workers, and families.
The bills, S-3545 and A-4696, are scheduled for a Senate committee vote on Jan. 8, just days before the lame duck Legislature ends its two-year legislative session.
“The state’s business community adamantly believes the Climate Superfund Act is bad public policy and pushing it through because the clock is ticking in what will likely be waning few minutes of the session makes it worse,” wrote Ray Cantor, NJBIA Deputy Chief Government Affairs Officer, and Michael Egenton, Executive Vice President of Government Relations for the New Jersey Chamber of Commerce.
The legislation would impose large, retroactive fees on oil and gas companies for fuel legally produced over the past 30 years, setting a dangerous precedent of financially targeting industries for past, lawful activity, Cantor and Egenton said.
A U.S. Chamber of Commerce analysis found the estimated $40 billion cost could translate into more than $9,000 per household through higher transportation, energy, and consumer costs, exacerbating affordability concerns for families and businesses.
“At a time when affordability is the primary issue in the state, legislators should be doing all they can to reduce our bills, not potentially raise them,” Cantor and Egenton said.
They also questioned the legality of the bill and warned New Jersey taxpayers will bear the cost of expensive litigation defending an unconstitutional law. They noted the ongoing constitutional challenges being waged by the U.S. Department of Justice against similar laws in Vermont and New York.
“Policymakers concerned with the pace of climate change should shift their attention toward prospective remedies rather than pursuing retroactive measures that are likely to face protracted legal challenges,” Cantor and Egenton said.
To read the entire op-ed, go here.
