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Opportunity Blog

Opportunity NJ Leaders Present at Multi-chamber Meeting

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ONJ Co-chairs Continue Statewide Push to Make NJ More Affordable, Competitive

BRANCHBURG — Tom Bracken and Michele Siekerka are continuing their unwavering mission to make the Garden State more attractive for businesses, and more affordable for employers and residents. The co-chairs of Opportunity New Jersey presented this week at a multi-chamber meeting of the Hunterdon County Chamber of Commerce, the Somerset County Business Partnership, and the Morris County Chamber of Commerce. The meeting was held at Raritan Valley Community College.

Bracken, President and CEO of the New Jersey Chamber of Commerce, and Siekerka, President and CEO of the New Jersey Business and Industry Association, gave the assembled chambers an update on the activities of ONJ’s Economic Development and Advisory Council. They also provided an overview on the group’s Plan for an Affordable New Jersey, which outlines a new approach to get New Jersey’s economy on track.

The presentation, which generated a lively discussion and numerous questions from participants, follows similar ONJ talks at meetings of the Meadowlands Regional Chamber of Commerce and the Greater Atlantic City Chamber of Commerce.

“Despite New Jersey’s significant assets, including a world-class labor market and the country’s busiest ports and shipping hubs, we are lagging behind our neighbors,” the co-chairs said in a joint statement. “That’s why we have launched our Plan for an Affordable New Jersey, and formed ONJ’s Economic Development and Advisory Council. Together, we’re working directly with our state’s business and government leaders to help push critical reforms that will make the Garden State more affordable for its residents, and more attractive for employers, venture funders, and other investors in our state’s future.”

For more information, and to sign up for the ONJ newsletter, visit www.opportunitynj.org.

Opportunity NJ Leaders Present at Multi-chamber Meeting was last modified: November 18th, 2019 by opportunitynj
November 18, 2019 0 comment
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Opportunity Blog

Opportunity NJ Leaders Present the Plan for Affordable NJ at Meadowlands Chamber of Commerce Annual Meeting

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TRENTON, NJ– Tom Bracken and Michele Siekerka, co-chairs of Opportunity New Jersey (ONJ), are continuing their mission to strengthen and realign the statewide economy. At a presentation this week at the Meadowlands Chamber of Commerce Annual Meeting, the business leaders discussed the tenets and objectives of their Plan for an Affordable New Jersey. They also provided an update on the formation of ONJ’s nonpartisan Economic Development and Advisory Council (EDAC), which held its inaugural meeting in Trenton last week. The meeting follows a similar presentation Mr. Bracken and Ms. Siekerka gave to the Greater Atlantic City Chamber of Commerce board of directors last month.

The Plan for an Affordable New Jersey, which was announced at a press conference this summer, outlines key action items to position the state for job growth and make the state more regionally competitive for businesses and employers. Goals include reforming corporate and individual taxes, making key investments in infrastructure and workforce development, and taking steps to attract venture and private equity funding to New Jersey. Numerous state business leaders have spoken out in favor of the Plan and its objectives.

Among the Plan’s key platforms is the formation of the EDAC, which includes diverse representation from statewide chambers of commerce, business and labor organizations, higher education organizations, and economic advocacy groups. The Council plans to meet with state leadership in the coming year to advise on issues impacting job growth and affordability in the state.

More information about the Plan, and the newly formed Economic Development and Advisory Council, is available at www.opportunitynj.org.

Opportunity NJ Leaders Present the Plan for Affordable NJ at Meadowlands Chamber of Commerce Annual Meeting was last modified: November 7th, 2019 by opportunitynj
November 7, 2019 0 comment
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Opportunity Blog

Opportunity NJ Economic Development and Advisory Council Meets in Trenton

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TRENTON, NJ — Opportunity New Jersey (ONJ) has announced that its New Jersey Economic Development and Advisory Council (EDAC) hosted a productive meeting in Trenton this morning. The Council discussed New Jersey’s economic challenges and steps needed to put the Garden State on the path to affordability and regional competitiveness.

The nonpartisan Council was organized to further the education of ONJ’s objectives as stated in the Plan for an Affordable New Jersey, including supporting the state’s economic growth and streamlining the cost of government. The meeting included representatives from numerous statewide chambers of commerce, business and labor organizations, higher education and economic advocacy groups.

“We are pleased by the progress we have made, and grateful to the Council participants and meeting attendees for their collaboration and insights,” Bracken and Siekerka said in a joint statement. “We look forward to working with our Council members, the ONJ steering committee, and New Jersey’s governor and legislative leaders to effect positive change in 2020 and beyond.”

The EDAC and its activities are central to ONJ’s Plan for an Affordable New Jersey. Those interested in learning more about the Plan, and signing up for the organization’s e-newsletter, can visit www.opportunitynj.org.

Opportunity NJ Economic Development and Advisory Council Meets in Trenton was last modified: October 31st, 2019 by opportunitynj
October 31, 2019 0 comment
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Opportunity Blog

Opportunity NJ Economic Development and Advisory Council to Gather This Week in Trenton

written by opportunitynj

TRENTON, NJ — Opportunity New Jersey (ONJ), which this summer announced the establishment of the New Jersey Economic Development and Advisory Council (EDAC), will host a meeting this week of individuals and organizations interested in participating in the Council.

Comprised of statewide leaders representing numerous organizations and business interests, the nonpartisan Council has been organized to support ONJ’s mission and further its objectives. These include supporting New Jersey’s economic growth, and identifying ideas to leverage the state’s numerous assets and streamline the cost of government. Some participants in this week’s meeting already have volunteered to participate on the Council, while others are attending to learn more about the organization’s activities.

“In addition to established EDAC members and representatives from the ONJ steering committee, we look forward to meeting potential stakeholders seeking a better understanding of our plans and processes,” said Tom Bracken, President and CEO of the New Jersey Chamber of Commerce and Co-chair of ONJ.

“We expect an array of viewpoints — and in fact, we welcome and encourage a diverse mix of perspectives,” added Michele Siekerka, Esq, President and CEO of the New Jersey Business and Industry Association and Co-chair of ONJ. “We look forward to an enlightening discussion as we review the Council’s progress and prepare for a very eventful 2020.”

The formation of the EDAC is a key tenet in ONJ’s Plan for Affordable New Jersey, which the organization released earlier this year.

“New Jersey has many attributes that can make it a perfect state for business,” Bracken and Siekerka jointly stated when releasing the Plan. “The reality, however, is that New Jersey’s structural challenges hold us back from achieving the competitiveness necessary to expand our economy. Quite simply, the Garden State needs a course correction on the path to affordability and toward establishing a welcoming environment for businesses.”

In announcing its Plan and the establishment of the EDAC, ONJ expressed its intention to engage with Governor Murphy, Senate President Sweeney, and Speaker Coughlin — and their staffs — to discuss these key economic concerns and generate legislative solutions. ONJ plans to issue additional updates and outline its next steps following the October EDAC meeting.

Those interested in learning more about the Plan for an Affordable New Jersey, and signing up for the organization’s e-newsletter, can visit www.opportunitynj.org.

Opportunity NJ Economic Development and Advisory Council to Gather This Week in Trenton was last modified: October 31st, 2019 by opportunitynj
October 29, 2019 0 comment
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Opportunity Blog

Multi-Chamber Event

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Multi-Chamber Event was last modified: October 28th, 2019 by opportunitynj
October 28, 2019 0 comment
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Opportunity Blog

A Plan to Shore Up Our Infrastructure

written by opportunitynj

by James Kirkos
Meadowlands Regional Chamber of Commerce

There is much about New Jersey in which we can take pride. Among our countless merits is the state’s strong infrastructure — our highways and bustling shipping hubs, our utilities and energy concerns, and a challenged yet vital public transit system that is investing millions of dollars in its future. Our state should be, and can be, a competitive regional player in attracting world-class businesses and employers.

A closer look at this infrastructure reveals an array of challenges that have prevented New Jersey from realizing its potential. What is needed is a strong plan to address these challenges, and one cohesive forum in Trenton to advocate for the Garden State’s many business interests.

Opportunity New Jersey (ONJ), whose steering committee includes representation from numerous state chambers including our own, has established both — the plan, and the forum. Last month, ONJ announced its Plan for an Affordable New Jersey, and the establishment of the New Jersey Economic Development and Advisory Council. The need has never been greater.

We have a way to go to restore New Jersey’s viability as an inviting home for businesses, and an affordable place for its residents to live and work. We must have a transparent process for how transportation projects are prioritized, so that money from the Transportation Trust Fund flows in the most sensible directions. We must stimulate responsible investments in our water and power infrastructure. We must advocate for changes to New Jersey’s longstanding status as one of the nation’s top donor states, with zero return on investment for our federal tax dollars, and build continued momentum behind the Gateway Tunnel project and restoration of the century-old Portal Bridge.

The Gateway project alone will generate an estimated $9 billion in activity and create thousands of skilled jobs. As we have said before, this is not a local project — it is a much-needed regional link that reinforces New Jersey’s essential role as a conduit between Washington, D.C. and Boston. Even with its obstacles, our state is a crucial hub for commerce. There is much to admire. Imagine how much greater it can be.

ONJ’s Plan and newly formed Council are designed with one purpose in mind: to establish New Jersey as a regional leader in job growth and median wage growth. Governor Murphy and our legislative leadership have demonstrated their commitment to making the Garden State more competitive and affordable. But specific actions are needed — the implementation of recommendations and policies that put us, and keep us, on the right path.

Our state’s business interests must be heard in Trenton, in one consistent and amplified voice. The New Jersey Economic Development and Advisory Council has the potential to be that voice. Let’s make this work.

To learn more about the Plan for an Affordable New Jersey, and the formation of the New Jersey Economic Development and Advisory Council, please visit www.opportunitynj.org. Make sure to click Join Our Mailing List to stay updated on news and developments.

A Plan to Shore Up Our Infrastructure was last modified: October 23rd, 2019 by opportunitynj
October 23, 2019 0 comment
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Opportunity Blog

A Plan for New Jersey Tax Relief

written by opportunitynj

by Ralph Albert Thomas, CPA(DC), CGMA

CEO and Executive Director, New Jersey Society of CPAs

A recent survey of New Jersey Society of Certified Public Accountants (NJCPA) members found that 75 percent of CPAs have advised some clients to relocate their homes or businesses outside of New Jersey to reduce their tax burdens.

That’s an arresting figure. Three out of four accountants seem to agree that when it comes to finding relief from rising business and personal tax obligations, the answer often is “anywhere but here.” Furthermore, as noted in a recent statement we released, a Rutgers Eagleton Institute of Policy survey — conducted in partnership with the New Jersey Business & Industry Association — found that 82 percent of New Jerseyans feel they are overburdened by taxes and not receiving their money’s worth in corresponding services. A similar number of state residents are dissatisfied with how our state leaders are addressing affordability challenges in New Jersey. Thousands of small New Jersey businesses breathed a sigh of relief when the expansion of the millionaire’s tax failed to make its way to the state budget; such a tax would have dealt a damaging blow to sole proprietorships, partnerships and limited-liability companies whose income taxes flow through personal tax returns.

The message could not be clearer. The Garden State’s economy is lagging its neighbors, and action is needed to get us on the path to affordability and competitiveness. State debt is rising, and spending is consistently outpacing revenues. With an increasing portion of the budget being allocated to service the state’s pension and benefit obligations, we’re heading in the direction of future tax increases our residents and employers cannot afford. This is an unfortunate predicament for any community, but especially for a state so endowed with advantages that should make it a natural home and haven for businesses.

My colleagues at Opportunity New Jersey (ONJ) share our members’ concerns about unsustainable taxes. The business community needs a cohesive sounding board in Trenton and a focused approach to implementing policies and legislation that restore our regional competitiveness. ONJ’s recently released Plan for an Affordable New Jersey is a blueprint to get us there.

With its goal of steering New Jersey to a leadership position in job and median wage growth, the Plan calls for a comprehensive reform of our tax structure to restore regional competitiveness and a restructuring of our burdensome corporate and property tax rates. Under this Plan, all proposed executive or legislative bills will be accompanied by a fiscal impact statement that presents, considers and — if necessary — resolves any negative cost impact before policy is enacted.

In tandem with the release of its Plan, ONJ has introduced the New Jersey Economic Advisory and Development Council. The Council aims to meet regularly with the Governor and legislative leaders, or their staffs, and to provide advice and guidance that support the Plan’s bold and necessary actions.

We have a long way to go, but if we’re willing to roll up our sleeves, we can get there. If there’s one thing New Jersey’s residents and business leaders aren’t afraid of, it’s hard work.

To learn more about the Plan for an Affordable New Jersey, and the formation of the New Jersey Economic Development and Advisory Council, please visit www.opportunitynj.org. Make sure to click Join Our Mailing List to stay updated on news and developments.

A Plan for New Jersey Tax Relief was last modified: October 16th, 2019 by opportunitynj
October 15, 2019 0 comment
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Cultivating Talent is Key to A Strong Economy

written by opportunitynj

By Meghan Hunscher, President & CEO

Morris County Chamber of Commerce & Morris County Economic Development Corporation

The Morris County Chamber of Commerce is addressing on a statewide level the challenges that businesses are encountering as a steering committee member of Opportunity New Jersey (ONJ), a non-partisan coalition, and a member of the Economic Development Advisory Council. The ONJ “Plan for an Affordable New Jersey” intends to set New Jersey on a path to increased competitiveness.  Since more than 80% of economic growth is a result of expansion of existing businesses, we need our state legislators to advance policies that support New Jersey businesses even as we seek to attract new companies to the state. 

New Jersey’s diverse economy, an ideal geographic location and extensive infrastructure, which should all make the Garden State attractive to businesses.  But when it comes to relieving corporate and personal tax burdens the state consistently ranks in the bottom of the fifty states year after year.  Fiscal headwinds impede New Jersey’s competitiveness and high wage job growth.

Low unemployment makes cultivating talent and ensuring career pathways key to growth of our economy. This includes retaining young professionals and retraining seasoned workers.  The Chamber and EDC, which work closely with the Workforce Development Board, have made strengthening the workforce a priority. Initiatives include: the launch of a Talent and Human Resources Committee and mentor program, the development of an on-line jobs database featuring employers in the county that will also include internships, support of local job fairs, and administering a GAINS apprenticeship grant in conjunction with the German American Chamber and the County College of Morris.  

Morris County consistently ranks as a “top 10” county in the nation based on household income and quality of life. The county boasts the highest about of preserved land in the state while producing an impressive $53 billion gross regional product, which is greater than five states.  However, business surveys have revealed that talent is deterred from locating in New Jersey due to high housing costs. As the Chamber educates the business community on best practices related to talent attraction and retention, the EDC is preparing a relocation guide that will promote the county’s variety of employment and housing choices.

The ONJ’S “Plan for an Affordable New Jersey” puts forth grant and tax-credit investments in workforce training and job placement programs, business tax structure reforms, reinforces the need to drive capital investments into lower income communities the Opportunity Zone program and aligns with the broad tenants of Governor Murphy’s new vision for tax incentives.  The ONJ’s Economic Development and Advisory Council plans to meet with policymakers in Trenton to provide input on legislation that positions New Jersey for not only fiscal stability, but business and job growth.  New Jersey’s loss of talent will have long term negative effects if it is not addressed. The Morris County Chamber of Commerce is proud to be working toward a solution with the ONJ coalition. 

To learn more about the Plan for an Affordable New Jersey, and the formation of the New Jersey Economic Development and Advisory Council, please visit www.opportunitynj.org. Make sure to click Join Our Mailing List to stay updated on news and developments.

Cultivating Talent is Key to A Strong Economy was last modified: October 9th, 2019 by opportunitynj
October 9, 2019 0 comment
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A Plan for Business Innovation in New Jersey

written by opportunitynj

by Michael Kerwin
President and CEO, Somerset County Business Partnership

In any discussion about the hotbeds for discovery and innovation in the United States — in fact, around the world — New Jersey is always high on the list. As home to 20 members of the Fortune 500, the Garden State has the talent, infrastructure, and resources necessary to lead the world in life-changing innovation. More than 17,000 businesses have a presence here in Somerset County alone, including global innovators that include LabCorp, GSK, Sanofi, and Ethicon.

We are, however, on the brink of toppling over an economic precipice, and New Jersey’s rightful place as an innovation leader on the global stage is tenuous. Significant corporate tax burdens — among the highest in the nation — have made our state much less regionally attractive for businesses, both large and small. And our prohibitively high cost-of-living is among the reasons why New Jersey holds the dubious honor of leading the nation in the number of residents moving out. This makes it more difficult for world-class companies to retain world-class talent.

This is an alarming statistic for a state that is in the top ten nationwide for the most patents held — a state that for years has boasted the world’s highest concentration of scientists and engineers. These are people who invent products that prolong and enhance human lives. Their extraordinary minds and considerable skills are crucial to our future. But like anyone else, they have mortgages to pay, families to feed, and children to educate.

What New Jersey needs is an action-based plan that focuses on addressing our economic challenges and fiscally outdated systems. Opportunity New Jersey (ONJ), whose steering committee includes representation from the Somerset County Business Partnership and major statewide chambers of commerce, has developed such a plan. ONJ recently announced its Plan for an Affordable New Jersey, along with the establishment of the New Jersey Economic Development and Advisory Council. I encourage all our business leaders, and our lawmakers in Trenton, to give these initiatives their full attention.

With a goal of stimulating job growth in New Jersey, the Plan makes preserving and promoting our state’s business interests a priority. It calls for no new mandates on New Jersey employers, and a two-year moratorium on taxes, fees, and other government actions that affect job creators. The Plan challenges Trenton to reform our business tax structure, following through on the promised sunset of the Corporate Business Tax and making no further increases to the Gross Income Tax. It also encourages continued activities that stimulate venture capital investment, such as the proposed Innovation Evergreen Fund — which will make about $500 million in venture capital funds available to New Jersey-based startups. That’s the kind of boost New Jersey needs to put us on the right path to affordability and ongoing innovation.

A key component of the plan is the Economic Development and Advisory Council, on which I have been asked to serve. With so many business interests and industry organizations jostling for the attention of our Governor and legislative leaders, the Council aims to be a united voice through which our concerns (and our expert guidance and influence) can be heard. 

We have a lot of work to do, but we can get there. We look forward to participating.

To learn more about the Plan for an Affordable New Jersey, and the formation of the New Jersey Economic Development and Advisory Council, please visit www.opportunitynj.org. Make sure to click Join Our Mailing List to stay updated on news and developments.

A Plan for Business Innovation in New Jersey was last modified: October 3rd, 2019 by opportunitynj
October 3, 2019 0 comment
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Opportunity New Jersey — Making the Garden State More Competitive and Affordable

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ATLANTIC CITY — Tom Bracken and Michele Siekerka of Opportunity New Jersey (ONJ) are on a mission to make New Jersey more attractive for businesses — and more affordable for employers and residents. The two business leaders presented this week at a meeting of the Greater Atlantic City Chamber of Commerce board of directors, where they spoke of the importance of putting the state’s economy on the right track.

Bracken, President and CEO of the New Jersey Chamber of Commerce, and Siekerka, President and CEO of the New Jersey Business and Industry Association, provided an update on the establishment of Opportunity New Jersey’s Economic Development and Advisory Council, which is poised to be a leading voice in Trenton on statewide business and economic issues. They also walked participants through the tenets of ONJ’s Plan for an Affordable New Jersey.

The Plan, which was introduced at a press conference in Trenton this summer, outlines key action items to position the state for job growth and make it more regionally competitive businesses and employers. These include reforming corporate and individual taxes, making key investments in infrastructure and workforce development, and taking steps to attract venture and private equity funding to New Jersey.   

Bracken and Siekerka praised the state’s many assets and advantages, which include an exceptional labor market, ideal proximity to major metropolitan areas, and a strong transportation infrastructure. “However, the practical reality is that New Jersey has too many structural challenges that continue to hold it back from achieving the competitiveness it deserves  — including tax rates that make the state less affordable for both our younger and aging populations, and an outmigration of wealth that affects our ability to generate revenue for the state’s operating budget,” they said. “Quite simply, the Garden State needs a course correction on the path to affordability and becoming a welcoming environment for businesses.”

Bracken and Siekerka are scheduled to make a similar presentation to the Meadowlands Regional Chamber of Commerce in November. More information about the Plan, and the newly formed Economic Development and Advisory Council, is available at www.opportunitynj.org.

AC Chamber with Michele Siekerka
AC Chamber with Tom Bracken
Opportunity New Jersey — Making the Garden State More Competitive and Affordable was last modified: September 23rd, 2019 by opportunitynj
September 23, 2019 0 comment
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