{"id":10366,"date":"2024-05-02T00:01:59","date_gmt":"2024-05-01T21:01:59","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=10366"},"modified":"2024-05-02T00:01:59","modified_gmt":"2024-05-01T21:01:59","slug":"letter-to-legislature-more-than-40-chambers-come-together-to-oppose-numerous-new-business-taxes-roi-nj","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=10366","title":{"rendered":"Letter to Legislature: More than 40 chambers come together to oppose numerous new business taxes | ROI-NJ"},"content":{"rendered":"<p><!-- image --><br \/>\n            <!-- content -->There is the Corporate Transit Fee (which will hit the biggest companies), the \u201cBuck-a-Truck\u201d proposal (which will hurt the logistics industry) and cuts to the Economic Development Authority, Business Action Center and Small Business Development Centers (which will hurt everyone).<br \/>\nThere is plenty in Gov. Phil Murphy\u2019s proposed Fiscal Year 2025 budget that has the business community upset \u2014 that\u2019s why the Chamber Alliance, a coalition convened by the New Jersey Chamber of Commerce and more than 40 of the state\u2019s local and regional chambers of commerce, sent a letter to legislators Tuesday morning to express its serious opposition.<br \/>\nThe coalition represents a substantial percentage of the state employers who believe these moves would damage New Jersey\u2019s business climate, undermine the state\u2019s corporate recruiting and retention efforts and jeopardize good-paying jobs.<br \/>\nHere are excerpts from the letter.<\/p>\n<ul>\n<li><strong>On the Corporate Transit Fee, which will impose a 2.5% tax on the state\u2019s biggest companies to help support New Jersey Transit\u2019s operating budget:<\/strong> \u201cOur largest employers, who are also our biggest nonprofit philanthropists, are being saddled with a completely unwarranted tax increase \u2014 the dollar amount of which is more punitive to those affected than the recently expired (Corporate Business Tax) surcharge. It is simply a more egregious and expensive extension of the surcharge.\u201d<\/li>\n<li><strong>On the Buck-a-Truck initiative:<\/strong> \u201cOne of the fastest-growing segments of our economy, the logistics industry, is being slapped with what can only be described as a nuisance tax, which will increase costs for all New Jersey residents.\u201d<\/li>\n<li><strong>On the cuts to the EDA, BAC and SBDC:<\/strong> \u201c(These) state agencies (that) have been extremely helpful to the business community are having funding cuts. The budget will provide less support to an already overtaxed and overregulated business community.\u201d<\/li>\n<\/ul>\n<p>The group wrote: \u201cThe biggest threat to our state right now is the future of our economy. Right now, revenues are trending down, while expenses are going up. Yes, we have had several bond increases; yes, we have jumped to No. 19 in the CNBC \u2018Best States for Doing Business\u2019 poll, but none of that has been produced by a strong, growing, vibrant business climate. It was accomplished with Federal COVID dollars and bond proceeds.\u201d<br \/>\nThe group also offered alternatives:<br \/>\n\u201cLook no further than what the bond rating agencies said in all of their reports,\u201d the letter said. \u201cWe must create recurring, reliable, organic, growth-oriented sources of income to continue to maintain the economic prosperity of New Jersey.<br \/>\n\u201cThe only way to do that is through a growing, vibrant and attractive business economy. This budget is in opposition to all of that. It begins to reverse the economic momentum we have. It also hurts our reputation as a business-friendly state. It also creates a lack of confidence for our business leaders that the state will not follow through on commitments they have made. And, it makes our state more expensive and less competitive.\u201d<br \/>\nThe coalition issued the following recommendations:<\/p>\n<ol>\n<li><strong>Reinvest the $6 billion surplus, as opposed to letting it sit idle:<\/strong> We should use this money before adding new taxes.<\/li>\n<li><strong>Remove the Corporate Transit Fee:<\/strong> The $1 billion can easily be found in a $56 billion budget through a surgical approach looking at all budget categories. An additional tax on corporate revenue is not a stable source of funding.<\/li>\n<li><strong>Eliminate the Buck-a-Truck tax:<\/strong> It is a $10 million add to the budget, in a $56 billion budget. The funds raised from this tax will be a drop in the bucket and will undermine economic growth.<\/li>\n<li><strong>Restore funding:<\/strong> To the Economic Development Authority, the Business Action Center and the Small Business Development Centers.<\/li>\n<\/ol>\n<p>The letter concluded: \u201cOur economic future needs to be addressed in this budget. As currently stated, it is void of that. This is an opportunity that we cannot waste.<br \/>\n\u201cThis business community has been asking for these things for years, and we need to begin to look at ways to fund those. We must pivot to begin to create a stronger economy. You cannot grow anything unless you feed it. We are not only not feeding the business community, we are starving it.<br \/>\n\u201cWith that in mind, we urge you to oppose these proposed measures in the budget and support measures that will strengthen the business community, ultimately strengthening New Jersey.\u201d<br \/>\nThe letter was signed by New Jersey Chamber CEO Tom Bracken, New Jersey Chamber Vice President of Government Relations Mike Egenton and co-signed by the following organizations:<\/p>\n<ul>\n<li>African American Chamber of Commerce of New Jersey<\/li>\n<li>Asian Indian Chamber of Commerce<\/li>\n<li>Burlington County Regional Chamber of Commerce<\/li>\n<li>Cape May County Chamber of Commerce<\/li>\n<li>Capital Region Minority Chamber of Commerce<\/li>\n<li>Central New Jersey Regional Chamber of Commerce<\/li>\n<li>Chamber of Commerce Southern New Jersey<\/li>\n<li>Cliffside Park Chamber of Commerce<\/li>\n<li>Cranford Area Chamber of Commerce<\/li>\n<li>Eastern Monmouth Area Chamber of Commerce<\/li>\n<li>Gateway Regional Chamber of Commerce<\/li>\n<li>Gloucester County Chamber of Commerce<\/li>\n<li>Greater Atlantic City Chamber of Commerce<\/li>\n<li>Greater Ocean Township Chamber of Commerce<\/li>\n<li>Greater Toms River Chamber of Commerce<\/li>\n<li>Greater Union Township Chamber of Commerce<\/li>\n<li>Greater Vineland Chamber of Commerce<\/li>\n<li>Greater Woodbury Chamber of Commerce<\/li>\n<li>Ho-Ho-Kus Chamber of Commerce<\/li>\n<li>Hudson County Chamber of Commerce<\/li>\n<li>Hunterdon County Chamber of Commerce<\/li>\n<li>Jersey Shore Chamber of Commerce<\/li>\n<li>Livingston Area Chamber of Commerce<\/li>\n<li>Mahwah Regional Chamber of Commerce<\/li>\n<li>Matawan-Aberdeen Chamber of Commerce<\/li>\n<li>Meadowlands Chamber of Commerce<\/li>\n<li>Monmouth Regional Chamber of Commerce<\/li>\n<li>Morris County Chamber of Commerce<\/li>\n<li>New Jersey Pride Chamber of Commerce<\/li>\n<li>New Jersey State Chamber of Commerce<\/li>\n<li>New Jersey State Veterans Chamber of Commerce<\/li>\n<li>North New Jersey Chamber of Commerce<\/li>\n<li>Ocean City Chamber of Commerce<\/li>\n<li>Princeton-Mercer Regional Chamber of Commerce<\/li>\n<li>Rutherford Chamber of Commerce<\/li>\n<li>Salem County Chamber of Commerce<\/li>\n<li>Somerset County Business Partnership<\/li>\n<li>Suburban Chamber of Commerce<\/li>\n<li>Sussex County Chamber of Commerce<\/li>\n<li>The Great Westfield Area Chamber of Commerce<\/li>\n<li>Waldwick Chamber of Commerce<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The business community in New Jersey is upset with Gov. Phil Murphy&#8217;s proposed Fiscal Year 2025 budget, which includes a Corporate Transit Fee, a &#8220;Buck-a-Truck&#8221; proposal, and cuts to various economic development agencies. The Chamber Alliance, representing a significant percentage of state employers, sent a letter to legislators expressing serious opposition to these measures. They believe the proposed budget would damage the state&#8217;s business climate, corporate recruiting efforts, and jeopardize good-paying jobs.<\/p>\n","protected":false},"author":6,"featured_media":10367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[6134,8615,1766,186,3768,6600,4844,6765,7768,1793,6267,2460,33,1498,7663,2511,432,8616,2464,3818,260,3395,645,26,3644,8285,7726,7343,304,2110,4081,415,3767,2294,1823,1991,28,3940,5319,148,1236,2788,2628,6121,2124,2447,1215,4843,4671,3522,5612,5614,3839,89,7967,1358,65,1065,4343,1183,1846,4682,1503,884,6305],"class_list":["post-10366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-alliance","tag-buck-a-truck-proposal","tag-budget","tag-business","tag-business-climate","tag-business-community","tag-business-leaders","tag-business-tax","tag-business-taxes","tag-coalition","tag-commerce","tag-community","tag-companies","tag-confidence","tag-corporate-transit-fee","tag-costs","tag-covid","tag-cuts-to-economic-development-authority","tag-damage","tag-development","tag-dollar","tag-economic-development","tag-economic-growth","tag-economy","tag-expenses","tag-expensive","tag-extension","tag-fiscal-year","tag-funding","tag-funds","tag-future","tag-government","tag-growth","tag-income","tag-increase","tag-industry","tag-jobs","tag-leaders","tag-letter","tag-local","tag-logistics","tag-mind","tag-money","tag-opportunity","tag-park","tag-partnership","tag-poll","tag-president","tag-proposal","tag-relations","tag-revenue","tag-revenues","tag-river","tag-small-business","tag-state","tag-support","tag-surplus","tag-tax","tag-tax-increase","tag-taxes","tag-threat","tag-truck","tag-upset","tag-waste","tag-who"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Letter to Legislature: More than 40 chambers come together to oppose numerous new business taxes | ROI-NJ<\/title>\n<meta name=\"description\" content=\"Budget cuts and taxes. 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