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.
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.
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.
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.
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.
Trenton, NJ – Opportunity NJ (ONJ) is pleased to announce that it is forming the New Jersey Economic Development and Advisory Council. The goal of this unique collaboration is to periodically deliver information to state policymakers in order to advance an “agenda” to stimulate job and median wage growth while realigning the state for regional competitiveness and affordability – leading to a stronger and fairer economy for all. The “agenda” can be found in the ONJ Plan for an Affordable New Jersey (“the Plan”), which is also being released today.
ONJ is a non-partisan coalition comprised of New Jersey organizations representing employers that employ more than 2.5 million workers. With no direct ties to political parties or government, ONJ serves as an independent voice to provide data-based education about public policy actions – and to support policies that encourage job growth, affordability, and regional competitiveness in New Jersey.
Through periodic and direct engagement with state policy leaders, the New Jersey Economic Development and Advisory Council plans to deliver information, research, and data about the impact of policies on job creation, economic stability, and growth; the tenets of the Plan. The information that will be shared will come from statewide stakeholder meetings and listening sessions that the Council will conduct, using the Plan as a guidepost for discussions. To set the framework for the creation of the Council, ONJ representatives have already met with and established a working relationship with the staffs of Governor Murphy, Senate President Sweeney, and Speaker Coughlin.
“New Jersey’s location between significant metropolitan areas, its advanced infrastructure, and its highly skilled workforce make the state an ideal center for business and commerce,” said Tom Bracken, President and CEO of the New Jersey Chamber of Commerce, and co-chair of ONJ. “But we must work together to restore New Jersey’s stability and affordability for residents and businesses. A New Jersey Economic Development and Advisory Council that engages directly with those responsible for creating related public policy is how we can achieve that goal.”
“New Jersey is at a critical stage on the path to securing its economic future, and remaining an attractive state for businesses,” said Michele N. Siekerka, Esq., President and CEO of New Jersey Business & Industry Association (NJBIA), and co-chair of ONJ. “To recreate a stable environment where citizens and communities can thrive, and which remains competitive to attract and retain business interests to the region, we must act now.”
The Council’s tasks will include addressing New Jersey’s fiscally challenged and outdated legacy systems, as well as stimulating job growth throughout the state. According to Siekerka and Bracken, this must include a hard look at the current pension system, school funding, and the state’s critical infrastructure systems. All possible solutions must be on the table, including pension reform, creation of public private partnerships, and strategic investments to best utilize state funds.
Stimulating job growth throughout New Jersey will require proposals to help NJ businesses adjust to recent workplace mandates and a pause on any new conditions or proposals that could negatively affect job creation. The state must examine reforms of the state’s business tax structure, review all regulatory mandates, and make economic development incentives a priority.
The Council will include members from the Board of Opportunity NJ, who are in the process of engaging leaders and representatives from various business, labor, non-profit, and regional economic development entities throughout the state to join the Council.
About Opportunity NJ
Established in February of 2016, Opportunity NJ (ONJ) is a non-partisan, grassroots coalition comprised of New Jersey interests representing employers, employees, business, trade groups, community organizations and other concerned citizens in the State. The organization includes interests who employ more than 2.5 million jobs in New Jersey. With no direct ties to political parties or government, ONJ serves as an independent voice to provide data-based education about New Jersey policy actions – and to support policies that encourage job growth, affordability and prosperity in New Jersey. To learn more, visit www.opportunitynj.org.
Contact: Kathleen O’Brien
(609) 503-8036
New Jersey’s location between significant metropolitan areas, its advanced infrastructure, and its highly skilled workforce make the state an ideal center for business and commerce. Various factors, however, have placed New Jersey at a disadvantage, and we are now at a critical stage in securing the state’s economic future. To recreate a stable environment where citizens, communities, and businesses can thrive, we must act now. We need to make New Jersey an affordable place to live and work for our residents.
To put the state back on the path toward regional competitiveness and affordability, Opportunity NJ is forming the New Jersey Economic Development and Advisory Council.
Through periodic and direct engagement with state policy leaders, the New Jersey Economic Development and Advisory Council plans to deliver information, research, and data about the impact of policies on job creation, economic stability, and growth. The information that will be shared will come from statewide stakeholder meetings and listening sessions that the Council will conduct, using the Plan for an Affordable New Jersey as a guidepost for discussions.
This will require a hard look at New Jersey’s fiscally challenged and outdated legacy systems:
- Pension
- School Funding
- Infrastructure
This also will require action in critical areas to stimulate job growth:
- A moratorium on new proposals and conditions that stifle job creation
- Reform of the state’s business tax structure
- Review of all regulatory mandates
- Prioritization of economic development incentives
To set the framework for the creation of the Council, ONJ representatives have already met with and established a working relationship with the staffs of Governor Murphy, Senate President Sweeney, and Speaker Coughlin.
The time for action is now. Together, we can create a New Jersey that no longer burdens, but empowers its people, businesses, and communities.
The following recommendations are aimed at putting New Jersey back on the pathway toward regional competitiveness and affordability, leading to a stronger and fairer economy for our businesses, their employees and all of our residents and taxpayers.
With Opportunity NJ’s road map to affordability in the hands of the gubernatorial candidates, ONJ co-chairs Michele Siekerka and Tom Bracken spoke with NJ101.5 morning drive host Bill Spadea today about the urgency for action by the next administration, millennial outmigration and the prospects of Amazon coming to the Garden State.