“Less than half of the money spent on prescription medicines actually goes to the company that makes the medicine – the rest goes to middlemen within the supply chain, like insurers and PBMs.  Whether enforcing current or enacting new legislation and regulations, bringing more transparency and reducing profiteering incentives within the PBM structures will bring real and immediate relief to patients.”

Chamber of Commerce Southern New Jersey

“The proposed employer Medicaid mandate will require serious scrutiny,” said Christina M. Renna, president & CEO, Chamber of Commerce Southern New Jersey.

“Many of our member companies employ exactly the workforce this provision targets, and the impact on employers of all sizes across our region is a conversation we intend to be part of as the budget moves through the Legislature. In a region that borders both Pennsylvania and Delaware, competitiveness is not theoretical – policies that raise the cost of doing business here have consequences that our neighbors are happy to absorb.”

Chemistry Council of New Jersey

“The Sherrill Administration’s efforts to increase energy generation are very important to keep New Jersey’s manufacturers in our state as well as attract new businesses,” said the Chemistry Council of New Jersey.

“With manufacturers in New Jersey already paying 55% more for energy than companies in other states, we must address the crushing costs of electricity. New generation facilities will go a long way to bring down costs by increasing supply.

“Governor Sherrill has initiated efforts to fix the long-standing permitting delays that are hurting our economy, citizens, and businesses. The development and funding of a permit dashboard and policies to reduce permit processing times are vital in creating new jobs, new businesses and new housing.”

NJBIA

“Among the positives in this proposal are $2 billion in spending cuts, a reduction in the structural deficit, some restructured property tax relief and a sixth consecutive full pension payment,” said NJBIA President & CEO Michele Siekerka.

“We also appreciate the commitment to job growth within the state Department of Environmental Protection for the purpose of expediting permitting.

“We encourage the Sherrill administration and the Legislature to unequivocally apply discipline to avoid clandestine, add-on spending for local expenditures. These last-minute legislative earmarks violate the goals of transparency and have put New Jersey in a deeper hole than necessary.”

NJBIA Chief Government Affairs Officer Christopher Emigholz was concerned about the budget proposal’s proposed per-employee fee on businesses with more than 50 employees using Medicaid:

“This is perhaps the most troubling part of the budget proposal for the business community,” he said. 

“This establishes a situation where employers can be penalized even if they offer health coverage for their workers, which is already one of the largest expenses they absorb every year.

“The impact of the tax is difficult to calculate. Many employers don’t know how many of their employees are enrolled in Medicaid. There are industries with high turnover rates. Some employees actually choose not to work more hours so they can keep certain government benefits. And it creates a disincentive for businesses to employ part-time and seasonal workers.

“This assessment could be very challenging for those businesses in retail, hospitality, childcare, and home health industries – where affordability is already a concern. We should be looking for ways to incentivize employers to provide these benefits, rather than penalizing them for their employees using government benefits out of their control.”

On temporary net operating loss limit for the next three years:

“NJBIA is disappointed that one of the successes of the CBT reforms that NJBIA recently negotiated with Treasury is being temporarily limited, but we are hopeful that we can find compromise on these deferred tax benefits to soften the impact on our job creators.”

On limiting the Alternative Business Calculation Deduction:

“While it may be well intentioned to better focus this tax program on smaller businesses, NJBIA is worried that the proposed threshold is too low because it excludes businesses with $1 million in gross revenue and could discourage entrepreneurial investment.”

Housing and Community Development Network of New Jersey

“Gov. Sherrill’s commitment to building more affordable homes is a welcome step in the right direction,” said Matthew Hersh, Housing and Community Development Network of New Jersey’s (the Network) vice president of policy and advocacy.

“However, with a shortage of more than 200,000 affordable homes in New Jersey, it is critical that the Affordable Housing Trust Fund be protected and used for its legally intended purpose: producing and rehabilitating homes for low- and moderate-income residents.

“Fully funding the Trust Fund and directing the state’s new mansion tax toward affordable housing production, which is pending in legislation, are essential steps to making New Jersey more affordable for the families who call our state home.”

New Jersey Chamber of Commerce

“We commend the governor for proposing approximately $2 billion in spending reductions. Taking steps to control costs sends an important signal that New Jersey is serious about improving its long-term fiscal outlook,” said Tom Bracken, president & CEO, New Jersey Chamber of Commerce.

“We are also encouraged to see continued investments in infrastructure, support for childcare, and initiatives aimed at reducing energy costs.

“We are also pleased with the proposals to assist the business community by reducing business filing fees, providing funding for additional staff at the New Jersey Business Action Center, maintaining funding for the Main Street Recovery Fund, supporting additional staffing at NJDEP to expedite permitting and creating the permit dashboard.

“At the same time, we have concerns about several proposals that would increase costs for employers, many of whom are impacted by the Corporate Transit Fee. Policies such as these risk making New Jersey less competitive than other states, particularly for larger companies that provide significant employment and investment in our communities.

“Since taking office, Gov. Sherrill has aggressively addressed several significant challenges facing our state. Her budget proposal reflects that same urgency while beginning the process of restoring fiscal stability. However, you cannot cut your way to prosperity. Expense reductions must be paired with aggressive growth initiatives that generate sustainable, organic revenue from business expansion. We hope that as budget deliberations continue in the coming months, these high-impact initiatives will be added to the proposal.”         

National Federation of Independent Business New Jersey

“NFIB members and small business owners across the state are pleased to see there are no new tax hikes included in Governor Sherrill’s budget,” said National Federation of Independent Business New Jersey State Director Eileen Kean.

“While we are cautiously optimistic, NFIB will have to take a careful look at the tax provision pay-fors in the budget plan to see how they affect small business owners and any unintended consequences they may have. We also look forward to working with Gov. Sherrill and lawmakers to bring greater transparency and certainty to New Jersey’s regulatory processes. Additionally, we look to the governor and legislators to make better energy policy decisions in Trenton. Energy costs play a critical and growing role in the operation of New Jersey’s small businesses, and they are often one of the largest costs for owners in operating their business.”

New Jersey Policy Perspective

“Gov. Sherrill’s first budget reflects a serious attempt to grapple with a difficult fiscal moment, and in several areas, it reflects the right priorities,” said Nicole Rodriguez, president of New Jersey Policy Perspective.

“Reforming Stay NJ to limit benefits for homeowners earning more than $250,000 is a smart, targeted fix that directs relief to those who actually need it. Expanding utility help, childcare assistance, and preserving the Child and Earned Income Tax Credits send the right signal about whose side this budget is on. Closing corporate tax loopholes — reining in deductions that have benefited large companies at the expense of small businesses and working families — is exactly the kind of structural reform New Jersey needs more of.

“At the same time, this budget plan only gets us part of the way there. The governor is right that much of New Jersey’s fiscal pressure stems from federal dysfunction and the Trump administration’s devastating cuts to programs that families depend on. But the answer to that pressure cannot only be spending cuts, particularly when immigrant families are under attack, one in nine New Jersey children still lives in poverty, and communities across the state are counting on the programs this proposal funds.”