The Senate Budget and Appropriations Committee and the Assembly Budget Committee held public hearings on the Governor's Proposed FY2024 state budget, the latter of which took place on Monday, March 27. The Chamber of Commerce Southern New Jersey (CCSNJ) Manager of Government Affairs, Hilary Chebra testified at both hearings and in her comments, Ms. Chebra thanked the Governor for proposing a budget with no new taxes or fees and for honoring the commitment to allow the 2.5 percent Corporate Business Tax (CBT) surcharge to expire at the end of 2023. 

Ms. Chebra went on to urge the Legislature to think creatively about ways to address the state’s systemic fiscal issues as they consider the $53.1 billion budget – the largest budget in state history - over the next several months. While the full $7.1 billion pension contribution and $2.35 billion deposit in the Debt Defeasance and Prevention Fund are fiscally responsible steps, the CCSNJ warned that future tax increases, in an already overtaxed New Jersey, are inevitable unless long term revenue streams are identified and enacted.



To read the CCSNJ written testimony on the Governor's proposed FY2024 budget, click here.

To read the Budget in Brief, click here. 

Additionally, in various Senate and Assembly Committee hearings action was taken on several bills that could impact the business community:

A-4682 (Schaer/Timberlake/Danielsen) was heard in the Assembly State and Local Government Committee. This bill would require service employees to be retained for 90 days following any change in service contract ownership. The CCSNJ opposes this bill as it may significantly impact a company’s ability to sell its business to a new owner or serve as a disincentive for out of state investment.

The bill was released from Committee along party lines by a vote of 3-2 and now moves to the full Assembly for a vote.

To read the CCSNJ position on A-4682, click here.

Additionally, the CCSNJ testified in opposition to A-3937 (Moriarty/Danielsen), which was considered by the Assembly Labor Committee. This bill would require employers with five or more employees to post all internal employment opportunities for promotion to current employees, as well as disclose the salary level and benefits for the open job.

This bill was heard “for discussion only” and has not yet moved from Committee. The CCSNJ will continue to monitor A-3937 and update members if the legislation moves.

 To read the CCSNJ position on A-3937, click here.