In an op-ed published Monday in BINJE, the chairman of New Jersey’s largest and most influential business political action committee criticized legislation advancing in the Legislature that would make New Jersey less affordable for businesses and residents.
Tony Bawidamann, chairman of The New Jersey Organization for a Better State (NEW JOBS PAC) said the recent rebranding of the Climate Superfund Act (S-2338) as the “Polluters Pay to Make New Jersey More Affordable” attempts to obfuscate the fact that the bill will actually make New Jersey more expensive for the very residents it claims to help.
“The legislation would impose billions of dollars in retroactive fees on energy producers for legally providing a product that everyone uses,” Bawidamann wrote. “Regardless of how those costs are assessed, basic economics suggests that significant new financial burdens imposed on major industries rarely remain isolated. Instead, they often work their way through the economy, increasing costs for consumers, employers, and communities.”
The bill, which the Senate Budget & Appropriations Committee advanced by a 7-6 vote on Sunday night, would retroactively penalize New Jersey fossil fuel companies $50 billion for providing an essential legal product used by all New Jerseyans, including supporters of the bill.
If the legislation passes both houses of the Legislature and is signed into law by Gov. Mikie Sherrill, it will be one of the worst anti-business laws in the history of a state already suffering a reputation of being unfriendly to business, NJBIA President & CEO Michele Siekerka said in a press statement after the vote.
In his op-ed, Bawidamann pointed out that the Climate Superfund laws that have been enacted in New York and Vermont are already facing substantial legal challenges, raising constitutional and procedural questions that may take years to resolve.
“Given the significant economic implications, the potential impact on affordability, and the unresolved legal questions, New Jersey lawmakers should proceed wisely,” Bawidamann wrote. “At a minimum, legislation of this magnitude should not be rushed through as part of acbudget process. It deserves thorough review, public debate, and careful considerationcof its potential consequences for consumers and businesses alike.”
To read Bawidamann’s entire op-ed in BINJE, go here.
