This week, Governor Murphy issued his State of the State address, his second since becoming Governor. He spoke of “making smart investments in our future” and the need to “restore fiscal responsibility.” He reinforced his commitment to workforce development, and announced the Jobs NJ initiative to ensure that employers have the homegrown workforce they need for a sustainable future.

We agree that these are critical priorities. Nonetheless, the State of the State address represents a missed opportunity, and we are disappointed not by what the Governor said, but by what he did not say. Our Plan for an Affordable New Jersey, released last summer, outlines vitally important steps that are crucial for the stability and viability of the Garden State. Its key tenets include addressing fiscally outdated systems, such as school funding, and promoting job growth. While Governor Murphy touched on some of these issues, there are specific priorities that should have been emphasized more strongly.

The Governor spoke at length about his commitment to reducing the property tax burden on the middle class — but where is the concrete plan to address this issue? The millionaire’s tax? While this conjures images of ultra-wealthy elites who won’t miss a few extra dollars, the hard reality is that such a tax would punish sole proprietors, partnerships, and other small business owners who file their business and personal tax returns together. It also disincentivizes entrepreneurism and business growth, and makes corporate CEOs less likely to settle in the region. The reality is that any proposal to raise a tax does not address a systemic budget issue.

We are also disappointed that Governor Murphy didn’t address corporate business taxes more openly and clearly in his remarks. While he discussed the stalled tax incentive program, the fact is that the legislative session ended without a final agreement. It seems we are no closer to making progress than we were when the Governor and legislative leadership began tackling this problem a year ago. Governor Murphy made no mention of easing up mandates on employers to make it easier for them to operate in our over-taxed and over-regulated state. Nor did he address the unsustainable trajectory of New Jersey’s pension plan.

Our state has many assets of which we can undeniably be proud. We have a lot going for us, and it’s not too late to turn the ship around. But can we claim to be “stronger and fairer than ever?” Until our Plan for an Affordable New Jersey receives significant attention in Trenton, until we get serious about making New Jersey an affordable and attractive home for businesses and the employees they depend on, we aren’t on the right path.

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

As we kick off 2020, Opportunity New Jersey is calling on the Garden State’s business and government leaders to get New Jersey on the path to job growth and affordability.

“It’s a new year, an election year, and the start of a new decade,” said Opportunity New Jersey (ONJ) co-chairs Tom Bracken and Michele Siekerka in a joint statement. “We have a Plan for an Affordable New Jersey and look forward to working with the Governor’s office, and the offices of our Senate and Assembly leadership, to put it into action.”

Bracken (President and CEO of the New Jersey Chamber of Commerce) and Siekerka (President and CEO of the New Jersey Business and Industry Association) rolled out the Plan in mid-2019, and announced the formation of an Economic Development and Advisory Council as a key tenet of the Plan’s implementation. The Council, which includes business, education, and labor representatives from throughout the state, held its inaugural meeting this past fall.

“From addressing fiscally challenged and outdated legacy systems, to stimulating job growth and investments in our state, our Plan is a roadmap to stability and prosperity in our region,” said Bracken and Siekerka, adding that New Jersey currently has among the highest personal and business taxes in the nation. “With all the extraordinary assets and advantages our state has to offer, there is no reason why we shouldn’t lead our peer states in job growth, wage growth, and business competitiveness throughout the Northeast.”

Those interested in reviewing the Plan for an Affordable New Jersey, and signing up for the group’s newsletter, can visit www.opportunitynj.org to learn more.

“We are concerned, but also optimistic about the prospect of real progress in 2020 and beyond,” said Bracken and Siekerka. “On behalf of the Opportunity NJ steering committee, the Economic Development and Advisory Council, and all our dedicated colleagues, we extend our best wishes for a happy and prosperous New Year in New Jersey.”

Trenton, NJ — Opportunity New Jersey’s Plan for an Affordable New Jersey, which was announced in Trenton this year, outlines recommendations aimed at putting New Jersey on a pathway toward regional competitiveness and affordability.

A key tenet of the Plan focuses on the stimulation of job growth. The Plan includes specific ideas on how to reform and prioritize economic development incentives and recommends prioritizing job creation and private sector investment, stimulating suburban reinvestment, and enabling a comprehensive, fully vetted plan for Opportunity Zones. It also proposes new grant programs and tax credits that incentivize workforce training and job placement programs.

“It is clear that New Jersey is lagging behind its neighbors in terms of job growth,” said Tom Bracken, President and CEO of the New Jersey Chamber of Commerce, and co-chair of Opportunity New Jersey (ONJ). “It is no secret that we are facing significant fiscal challenges that are compromising the state’s ability to be regionally competitive and affordable for businesses and workers. Together we can work to position the Garden State as an attractive, competitive regional home for everyone to grow and thrive.”

There are promising signs that New Jersey is poised for a rebound. The state is taking strides to revitalize its workforce and build up diverse and small businesses. In February of 2019, Governor Murphy announced the commencement of the Disparity in State Procurement Study Commission, which aims to ensure equal opportunity for small, minority, disabled, veteran and women-owned businesses to participate in the state procurement process. ONJ’s leadership remains concerned that despite the state’s assets, more progress must be made.

“New Jersey’s prime location and advanced infrastructure make it an ideal location for workers and businesses,” said Michele N. Siekerka, Esq., President and CEO of New Jersey Business & Industry Association (NJBIA), and co-chair of ONJ. “However, with the fiscal challenges New Jersey faces, it is getting more difficult to attract and retain skilled workers and businesses. We must act now — there is too much at stake.”

The Economic Development and Advisory Council, which was formed by ONJ and recently held its inaugural meeting in Trenton, is at the ready to work with Governor Murphy, Senate President Sweeney, Assembly Speaker Coughlin, and their staffs to identify obstacles to job growth and discuss practicable workarounds. To learn more about the Plan and subscribe to the ONJ newsletter, visit www.opportunitynj.org.

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.

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.

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.

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.