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.”