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Articles by N.J. Chamber
N.J. is open for business. Will 76ers make move?
You’ve likely heard the recent buzz: New Jersey made a bold play to lure the Philadelphia 76ers across the Delaware River, offering an attractive deal for a new arena in Camden. This move clearly caught the attention of Philadelphia Mayor Cherelle Parker, who quickly announced her own city’s agreement with the team for a proposed new arena in Center City near Chinatown.
Smart, common-sense policies can boost recycling in N.J.
If you care about New Jersey’s environment, there’s no reason to be down in the dumps. Though it doesn’t capture enough headlines, an underrated effort is underway in state capitols across the country to boost recycling and implement innovative policies that responsibly address the everyday items that end up in landfills or incinerators. New Jerseyans should be paying attention.
State budget nightmare scenario might come true
The nightmare might be coming true. Back in March, when we first heard about the proposed budget, the Corporate Transit Fee and the “buck-a-truck” tax, I called it a “nightmare” budget proposal that’s “a major step backwards” for the state. Well, with less than one week before the Fiscal Year 2025 state budget has to be signed by Gov. Phil Murphy, some disappointing news is emerging.
No need to rush through Corporate Transit Fee proposal with many negative economic consequences
There has been a lot of discussion about the proposed 2.5% Corporate Transit Fee on New Jersey’s largest employers and we at the New Jersey Chamber of Commerce, along with many of our trade association colleagues, are totally against it and would like to see it eliminated. Everyone agrees New Jersey Transit needs to get its fiscal house in order; however, the employer community stands firm that the CTF will never be a viable solution.
Corporate Transit Fee ball is now in Legislature’s court
It has been over six weeks since Gov. Phil Murphy proposed a highly punitive business tax increase on the state’s largest companies in his fiscal 2025 state budget. Essentially, he is saying New Jersey should replace the temporary 2.5% Corporate Business Tax surcharge that expired at the end of 2023, and repackage it as a Corporate Transit Fee.
N.J. Chamber President To Assembly Budget Committee: Proposed Corporate Transit Fee – a Tax Hike on Large Employers – Is ‘Punitive and Egregious’ - Insider NJ
By Scott Goldstein, Communications Manager, N.J. Chamber of Commerce New Jersey Chamber of Commerce President and CEO Tom Bracken, delivering testimony this morning in front of the Assembly Budget Committee, said the proposed $56 billion state budget would inflict damage on New Jersey’s economy and its reputation as an improving destination to run a business.
N.J. Chamber President to Assembly Budget Committee: Proposed Corporate Transit Fee - a Tax Hike on Large Employers - is ‘Punitive and Egregious’
By Scott Goldstein, Communications Manager, N.J. Chamber of Commerce New Jersey Chamber of Commerce President and CEO Tom Bracken, delivering testimony this morning in front of the Assembly Budget Committee, said the proposed $56 billion state budget would inflict damage on New Jersey’s economy and its reputation as an improving destination to run a business.
Legislature and business community: Perfect together?
Gov. Phil Murphy’s State of the State address emphasized affordability and continuing to grow a fair, strong and inclusive economy to create the best state to raise a family. He mentioned several times the need to “work together” to achieve those goals. We congratulate the governor and the Legislature on the accomplishments of the last six years that have made economic progress. We applaud the many initiatives the governor outlined in his address to build on past achievements.
Finding better way to do things, New Jersey Chamber unveils legislative priorities
As the Legislature returns this fall, our New Jersey Chamber of Commerce lobbying team will be back in the State House pushing for policies that will make New Jersey a better place to live and run a business. And we are encouraged by recent developments in Trenton. It is clear that our state leaders are serious about improving the business climate and creating good-paying jobs. The recipe is simple: Improve the business climate and the state economy will flourish. Over the summer, Gov.
Bracken: State’s big jump in CNBC ranking is worth celebrating — and impetus for more change | ROI-NJ
It is excellent news that CNBC, in its annual Top States for Doing Business list, ranked New Jersey as the most improved state, as it climbed 23 places to No. 19, after a 42nd-place finish last year. This is certainly a reason to celebrate, and the New Jersey Chamber of Commerce is pleased that the CNBC survey recognizes some important strengths in New Jersey’s economy. New Jersey ranked highly for fully funding its pension obligation and for the $8.3 billion surplus in the state budget.
Let business community lead way to long-term economic success
When companies in New Jersey thrive, so do the state’s finances. When the business community thrives, state tax revenues rise, social programs are funded and the generous philanthropic giving of the business community grows. These are the hallmarks of a state with a solid economy.
Bracken: With banking crisis potentially deepening, let’s use our funds wisely
The banking crisis has rattled markets over the past couple weeks, and it could worsen. If lending tightens, many companies, especially smaller ones, could lose ready access to financing. It could cause severe distress to our economy — and our leaders need to prepare now. The uncertainty brought on by the banking crisis has changed our thinking here at the New Jersey Chamber of Commerce regarding how and when the state should use the $10 billion surplus projected in the upcoming state budget.
Bracken: Let’s pause — and recognize how much N.J.’s political, business leaders have done - ROI-NJ
It is hard to believe the coronavirus outbreak that has virtually paralyzed businesses and crashed global financial markets only grabbed our attention a few weeks ago. Each day, the headlines sound more foreboding as state and federal officials across the U.S. try to get their arms around how fast the virus is spreading and how it will impact the economy.
‘Independent contractors bill’ doesn’t work — and independent contractors know it - ROI-NJ
File photo Tom Bracken is the CEO and president of the New Jersey Chamber of Commerce, located in Trenton. How do you know when a piece of legislation misses the point? When the people affected by the legislation turn out in droves to warn the state Legislature of the unintended consequences of the bill — in this case, that it would threaten their careers.
What happens when State House hearing turns into shouting match? Nothing good
File photo Tom Bracken is CEO and president of the New Jersey Chamber of Commerce, based in Trenton. On Monday, protesters in Trenton disrupted the state Senate committee hearing on New Jersey’s tax incentive programs. Everyone has the right to protest and to be heard. It is important that we respect those rights. But it is equally important that we ask this question — how is our state perceived by the out-of-state executives we are trying to convince to bring their businesses here?
N.J. Chamber urges Murphy to unify, not divide
In his inauguration address, Gov. Phil Murphy pledged to be the governor of “all 9 million who call our great state home.” On Sunday, the governor signed the fiscal 2020 state budget while repeatedly asking those in the audience, “Whose side are you on?” Clearly, by his comments Sunday, the governor has chosen a “side,” which represents only a portion of those 9 million people.
EDA audit: Separating fact from fiction — and why it’s time to stop attacking business community - ROI-NJ
File photo Tom Bracken is the CEO and president of the New Jersey Chamber of Commerce. The partisan winds in Trenton have been blowing hot and heavy since the state comptroller issued a report criticizing the Economic Development Authority’s tax credit and economic incentive programs, and Gov. Phil Murphy intensified the storm when he took the EDA to task in his State of the State address.
EDA audit: Separating fact from fiction — and why it’s time to stop attacking business community - ROI-NJ
File photo Tom Bracken is the CEO and president of the New Jersey Chamber of Commerce. The partisan winds in Trenton have been blowing hot and heavy since the state comptroller issued a report criticizing the Economic Development Authority’s tax credit and economic incentive programs, and Gov. Phil Murphy intensified the storm when he took the EDA to task in his State of the State address.
Seven steps to stronger economy in 2019
Gov. Phil Murphy campaigned on creating a “stronger and fairer” economy. Since taking office, the governor and the Legislature have shown an energetic commitment in expediting initiatives for the fairer economy such as mandated paid sick leave, equal pay laws and the upcoming minimum wage increase. The components of the desired fairer economy are in place. File photo New Jersey Chamber of Commerce CEO and President Tom Bracken.
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