NJ Minimum Wage Agreement Will Have Significant Business Impact

“The agreement by Gov. Phil Murphy and legislative leadership to raise the minimum wage to $15 an hour may be predictable, but it is far from economically responsible. Yes, the phase-in is deliberate. But there does not appear to be any consideration of the significant impacts this increase will have on small businesses and its various sectors, both now and in the future. There has been no acknowledgment of the cumulative costs our small businesses already have to absorb to run a business in New Jersey — like added mandates, expensive compliance regulations, more subsidies for energy delivery and increased taxes as a means to balance the state budget. For this, New Jersey ranks dead last for business friendliness before we even get to a $15 minimum wage.”

Read: NJBIA: $15 minimum wage agreement will have big impact on small business at ROI-NJ

NJ 8th Least Affected By Government Shutdown

Government ShutdownGovernment shutdown? What government shutdown? New Jersey is far better off than some other States, it appears. Let’s hope pragmatic and reasonable minds prevail and a deal is struct in the near term.

“New Jersey is one of the states least affected by the federal government shutdown, now in its 13th day, according to a Thursday study by personal-finance website WalletHub. The nationwide study compared all 50 states and the District of Columbia using five metrics: share of federal jobs, federal contract dollars per capita, access to national parks, the percentage of families receiving food stamps and real estate as a percentage of a state’s gross domestic product. New Jersey ranked 45th in its share of federal jobs, 31st in federal contract dollars per capita, 39th in access to national parks and 43rd in percentage of families receiving food stamps.”

Read: NJ ranks 8th least affected by government shutdown, study finds at NJBIZ

New Jersey’s Tax Structure Worst In Nation, Report Finds

New Jersey's Tax StructureNew Jersey’s tax structure is the worst in the nation according to a recent report. Isn’t this what New Years’ resolutions are for? Let us wish that New Jersey gets it tax structure in gear to enhance our competitiveness so other states don’t keep trying to eat our lunch.

“A new study shows New Jersey’s tax structure is the worst in the U.S., thanks to its nation-leading property taxes, second-highest corporate tax and some of the worst-structured individual income taxes. The Tax Foundation’s 2019 State Business Tax Climate Index, published Wednesday, ranked New Jersey 50th, citing the state’s high taxes and its inequitable and non-neutral tax incentives. Jared Walczak, lead author for the report, said the state has picked winners and losers in its tax structure by offering carve-outs and tax exemptions for the types of businesses the state wants to attract or retain, ultimately dragging down its overall ranking.”

Read: New Jersey’s tax structure worst in nation, report finds at NJBIZ

Bill Would Allow Businesses To Dispute Onerous Rules

Onerous RulesBurdened by onerous rules? Most New Jersey businesses could make a (not so short) list. If a pending bill becomes law, New Jersey small businesses may soon have a mechanism to dispute burdensome rules. Hope springs eternal in the Garden State!

“There already are laws in place to help cut red tape for small businesses, but there is nowhere for employers to turn when they feel burdened by government rules. That’s why the state Senate Budget Committee advanced a bill…that would help create a better pathway to reducing the impact of onerous rules.”

Read: Want to dispute onerous rules? Bill would allow small businesses to do just that at ROI-NJ

New Jersey Hispanic Business Community Still Struggling to Get Banking Industry Attention

Classes Aimed at Helping Minority Businesses Get Bonded

Minority BusinessesGet bonded? No, this isn’t a 007 thing, it’s a critical factor in small businesses getting government contracts. New Jersey is steaming ahead with classes to help minority businesses get ready:

“A program to boost minority bids on government contracts, which launched under a law signed by former Gov. Chris Christie in 2017, will begin classes this fall. A partnership between the state Economic Development Authority and the African American Chamber of Commerce of New Jersey will oversee the Small Bonding Readiness Assistance Program, which will teach small businesses how to qualify for government bonds. The program was a significant achievement for AACCNJ President John Harmon, and the commitment to continue the program through funding in the next fiscal year’s state budget by Gov. Phil Murphy sends a strong signal, Harmon said.”

Read: Classes aimed at helping minority businesses get bonded will begin this fall at ROI-NJ

Beth Simone Noveck Named N.J.’s First Chief Innovation Officer

Beth Simone NoveckBeth Simone Noveck will be the state’s first-ever chief innovation officer. Her role will task her with many important responsibilities that will directly affect New Jersey’s economy. We wish her well, as other states are increasingly eager to poach our companies and people:

“Gov. Phil Murphy named New Jersey’s first chief innovation officer, his administration announced Monday. Beth Simone Noveck will be taking on the role. Murphy said the appointment comes from his promise to spur and expand an innovation economy in New Jersey. In her role, Noveck will be responsible for..Designing and deploying government services; Solving public problems through new technologies and collaborating with other governments, the private sector and higher education; … Read More >

NJEDA Unveils Office to Attract Foreign Businesses, Investment

Foreign BusinessesForeign businesses will soon be flocking to New Jersey, if the NJEDA has anything to say about it. If you open an Office of International Trade and Investment, will they come?

“The state’s Economic Development Authority is rolling out a new office aimed at attracting international trade and investment to New Jersey, according to a statement issued Wednesday. Called the Office of International Trade and Investment, the office is charged with attracting international businesses to the state and tapping into the state’s access to the diplomatic community of the New York metro area. OITI will also partner with Choose New Jersey to coordinate trade missions and other international state outreach. Meanwhile, the state’s Business Action Center will retain an Office of Export Promotion to promote New Jersey-based businesses as a potential global export.”

Read: NJEDA unveils office to attract foreign businesses, investment at NJBIZ

Accountants: Budget will Hurt NJ Economy

NJ EconomyThe NJ economy will take a hit from our recent budget, according to accountants. Well, we have to pay for increased spending so get ready for increases in taxes, “fees”, “charges”, “licenses” and all other things that well, are really taxes. As for the mass exodus of Jerseyans, there will still be many of us left to foot the bill. Eek.

“The outward migration of wealth will continue, and the long-term effect will be disastrous,” said a poll respondent. In a survey, the majority of CPAs in the state said New Jersey’s $34.7 billion fiscal 2019 budget, signed on July 1 by Gov. Phil Murphy, will have a negative impact on the economy…The CPAs, in their responses, said that the tax hikes will result in wealthy individuals fleeing the state”

Read: CPAs NJ budget will hurt economy at NJBIZ

New Brunswick Residents Press Renewable Energy Plan

New Brunswick ResidentsNew Brunswick residents are concerned about clean energy and are looking to lead New Brunswick into a renewable energy future:

“Some New Brunswick residents have delivered a petition of 650 signatures supporting a citywide community energy aggregation program that would allow residents and businesses to purchase 100 percent renewable electricity by the year 2035. They are seeking to establish the creation of the New Brunswick Community Energy Aggregation program. This would enable the city to purchase energy at discounted bulk rates, and to set guidelines about the sources of electricity used by city residents.”

Read: New Brunswick residents press renewable energy plan at NJBIZ

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