TRENTON (March 13, 2018) – The Commerce and Industry Association of New Jersey (CIANJ) applauds certain aspects of the new $37.4 billion budget unveiled by Gov. Phil Murphy today but is concerned with the increase in spending and plans to change the corporate business tax rate.
“Gov. Murphy is increasing the state budget by $2.7 billion over last year,” said Anthony Russo, president of CIANJ. “CIANJ is concerned about the impact this will have on New Jersey’s economy when it is unclear if he can raise the revenue necessary to balance that kind of an increase.”
Russo is concerned that the increased spending will have far-reaching consequences, affecting New Jersey’s ability to grow and attract business here.
Russo praised the governor’s plan to invest in NJ’s transportation infrastructure, including NJ Transit, which is key to long-term economic health. Many of the governor’s initiatives will help put the state on sound fiscal footing including the promise of contributing $3.2 billion to the pension system. CIANJ also commends the administration’s efforts to improve New Jersey’s workforce and alleviate the tax burden on our citizens by increasing the property tax deduction to $15,000.