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While NJBIA’s hard work on the FY25 state budget continues on behalf of the association’s thousands of members as it always has, it’s safe to say that NJBIA has kicked it up a notch this spring in fighting a $1 billion business tax increase proposed by Gov. Phil Murphy. 

And it’s only going to ramp up more from here, as the Legislature eagerly takes in input from the business community before returning its own version of the budget back to the governor. 

“We’ve been fortunate to have our legislators in Trenton who are hearing us and asking the right questions and we thank them for their engagement,” said NJBIA Chief Government Affairs Officer Christopher Emigholz. “As a general rule, they more than understand the serious impacts of this proposed tax on New Jersey’s top employers and overall competitiveness – and that’s really important. 

“Fact is, this tax has serious repercussions for New Jersey’s largest job creators and innovators, even more so than the temporary CBT surcharge that sunset on December 31. And our members are telling us as much.  

“So, we will do all that we can to try to stop or tamp down what will obviously be a very damaging tax that will have both short- and long-term impacts if finalized,” Emigholz said. 

“It’s really important that we and others in the business community are as out there as we can be on this tax,” NJBIA President & CEO Michele Siekerka added. “Our goal is to provide information and education on the negative consequences of this tax to the Legislature, the front office and New Jersey consumers, ratepayers and workers.  

“This is something where you might not see an immediate impact on July 1 as a result of the final FY25 budget,” she added. “But from the feedback I’ve received directly, we can expect a slow drip of long-term fiscal impacts that will be unquestionably damaging in terms of impacts on our jobs, the economy and to the extent our largest companies are going to make future investments here. It’s not something we can be passive about.”  

Just some of NJBIA’s efforts to fight the $1 billion tax over the past two months included: 

“As we have heard multiple times from the Murphy administration, the proposed state budget is now in our Legislature’s hands,Emigholz said. “NJBIA stands at the ready to continue to work with our legislative leaders toward a more business friendly and regionally competitive budget.”