Governor-elect Phil Murphy won’t officially take office until Jan. 16, but the specter of what his administration will mean for New Jersey’s business community already looms large.

A millionaire’s tax and a steep minimum wage hike are part of Murphy’s agenda to advance New Jersey’s economy, as the Asbury Park Press’ Michael Diamond reports. And then there’s the quest to become the home for Amazon H2Q.

While the impacts of Murphy’s plans won’t necessarily be immediate, the concern for the state’s affordability is very much in the now.

“We are at a pivotal point in New Jersey’s history,” NJBIA President and CEO Michele Siekerka told Diamond. “We have tipped the scale on affordability. If we do not start now to address that, we don’t have a sustainable business model.”

To read the full story on what New Jersey workers and businesses can expect from the forthcoming Murphy administration, visit here.