“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.”
The 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
“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
“Gov. Phil Murphy signed a much-anticipated bill that would provide upward of $85 million in film tax credits a year, in an effort to bolster the state’s film industry. The bill…was tweaked following a conditional veto by Murphy, so that the bill’s proponents would insert language covering reality TV shows, which had been previously excluded. Senate Bill 122, the Garden State Film and Digital Media Jobs Act, would restore tax-credit incentives for New Jersey-based productions… Read More >
With the NJ State budget finished, a near-term crisis has been averted, but do New Jersey’s legislative and executive branches have what it takes to make sure they are planning for enough “credits” to offset the multitude of increasing “debits“?
“Tom Bracken is CEO and president of the New Jersey Chamber of Commerce. The budget has been passed and the negotiations were dynamic. The end result will be very costly and extremely challenging for the business community. However, we must move forward. It is now time to do so with resolve, diligence and expediency. Since his inauguration, Gov. Phil Murphy has been working to fulfill his pledge to create a “stronger and fairer” economy for New Jersey…The business community is paying more than its fair share of the costs associated with these initiatives and soon will be paying even more with the increase in the corporate business tax, the tax on deemed repatriated dividends, the combined reporting mandate and the multimillionaire’s tax reflected in the 2019 budget.”
“After Gov. Phil Murphy doubled down on the millionaire’s tax Monday morning, state Senate President Stephen Sweeney and Assembly Speaker Craig Coughlin doubled down on a corporate business tax hike — suggesting an increase that would give New Jersey the highest corporate tax rate in the country. Sweeney (D-West Deptford) and Coughlin (D-Woodbridge) revealed at an afternoon news conference Monday that the Legislature is pursuing a corporate business tax on C-corps to the tune of 11.5 percent for companies with revenues from $1 million to $25 million, and to 13 percent for companies earning more than $25 million.”
Read: Is N.J. headed for highest corporate tax rate in country? at ROI-NJ
“New Jersey’s second-ever dedicated chief technology officer, Chris Rein, said he’ll be taking a close look at the state’s ongoing IT consolidation and making recommendations to the governor…As CTO, Rein said he has several distinct challenges including stabilizing and improving the state’s existing IT infrastructure in close collaboration with its cybersecurity team. The goal, he noted, is to try to drive that innovation while ensuring heavily utilized government services like unemployment insurance and the Department of Motor Vehicles become more seamless.”
Read: IT Centralization, Relationship Building Among Focuses For New Jersey CTO at NJTechWeekly
The new Research with NJ Database promises to be an interesting source of information, and one that may help foster innovation, collaboration and partnerships in STEM and other areas.
“New Jersey government, higher education, and science and technology officials announce the Research with NJ database at the 2018 BIO International Convention. New Jersey unveiled Research with NJ, a database aimed at boosting collaborations and relationships in STEM fields at five universities, Tuesday at the annual Biotechnology Innovation Organization conference. The new portal at www.researchwithnj.com is free to use and is intended to serve as a hub for businesses, universities, students and media….“Research with NJ will enhance our ability to present the full scope of what New Jersey can offer companies considering locating in the State,” Choose New Jersey CEO and President Jose Lozano said. “This valuable tool will be a boon to encouraging economic development in sectors known for creating good paying, skilled jobs.”
Climbing the tech career ladder is not as simple as some would make it. Sometimes, guidance is needed and fortunately many groups exist that can help you think through the steps you need to take to continue your progress.
“Jenna Gaudio spoke to the Jersey Shore Women in Tech meetup (Asbury Park) in February about how to navigate a career in tech, using examples from her own climb up the ladder. “Whether you are at the top or just starting out, we all face issues along the way, and need help navigating them,” she told the group. People are told to “make it happen,” but they need to know how to get started, what to do if they fail and whom can they go to if they need help. That’s why groups like the Jersey Shore Women in Tech meetup group are important, she said.”
Read: Learning How to Navigate Company Culture Key to Climbing Tech Career Ladder at NJTechWeekly
“If you are struggling to launch your startup dream into reality but can’t see the forest from the trees on the entrepreneurial landscape, come join us for an exciting and informative weekend that has the potential to change your life. It’s a complete and intensive two-day program focused on what it takes to launch tech companies into today’s competitive marketplace.” That was the pitch for the new TechLaunch Startup Bootcamp, to be held the weekend of June 9-10 at Rutgers Business School in Piscataway. The deadline for applications is June 4 and the “class” will be kept to under 25 people.”