In the latest edition of South Jersey Biz Magazine, NJBIA President and CEO Michele Siekerka and New Jersey State Chamber of Commerce President Tom Bracken discussed New Jersey’s business climate following the signing of the FY24 State Budget by Gov. Phil Murphy.
Siekerka said the budget was the “most business friendly” budget signed by the governor and credited Murphy for allowing the Corporate Business Tax surtax. She also noted that small business relief would be welcome going forward.
“As of July 1, New Jersey businesses are paying another $700 million in unemployment insurance [UI] taxes, when there was no federal COVID relief used to replenish the state’s UI fund,” Siekerka said. “We’ve said it many times over the years, this is a tax on jobs that has equated to more than additional $100 per employee for three years in a row now.
“Most states used federal COVID relief dollars to replenish or offset their state UI trust funds. We will forever maintain that our smaller businesses, which are still struggling, deserve better than to be handed more than a $1 billion UI tax through no fault of their own.
“Additionally, there has now been property tax relief for homeowners, renters and seniors, but none for businesses, even though they pay nearly half of the state’s property taxes. Some creative thinking on how smaller businesses can get some property relief would be greatly appreciated looking ahead.”
To see the full South Jersey Biz interview, click here.