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Legislative Updates

Governor Murphy Delivers FY'23 Budget Address

Legislative Updates

On March 8, Governor Murphy delivered the FY2023 State Budget address. The public health emergency was lifted on March 7 allowing Governor Murphy to deliver the address in-person in the Assembly chambers for the first time in two years, which the CCSNJ attended.

The Governor proposed a $48.9 billion budget, which includes a proposed surplus of $4.2 billion. This is nearly equal to the amount that the state unnecessarily borrowed in 2020, which the CCSNJ opposed.

Though the proposed budget includes no new taxes or fees it does not dedicate American Rescue Plan (ARP) funds to the Unemployment Insurance (UI) fund to avoid further tax hikes on businesses. The budget proposes a year of “fee holidays” for drivers renewing their licenses, certain health care professionals applying for or renewing their licenses, couples getting married, and residents visiting state parks.

Additionally, the proposed budget includes a $6.82 billion pension payment, making this the second consecutive year that the State will meet 100 percent of the Actuarially Determined Contribution.

The Governor again announced the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program, which he previewed last week. This nearly $900 million program would replace the Homestead Benefit program and provide homeowners earning up to $250,000 a year with an average benefit of nearly $700 in FY2023, growing to $1,150 by FY2025. Renters earning up to $100,000 will receive a yearly benefit up to $250.

Additionally, the Governor's proposed budget includes Investments in the UpSkill program, the Pay it Forward Fund, and the New Jersey Apprenticeship Network as well as the New Jersey Wind Institute for Innovation and Training. $50 million will again be allocated to the Main Street Recovery Fund, which includes the Small Business Lease Grant, Small Business Improvement Grant, Main Street Micro-business Loans, and Main Street Lenders Grant.

CCSNJ President and CEO Christina Renna released the following statement on the Governor's proposed budget:

"As with everything the devil is in the details. The Chamber of Commerce Southern New Jersey (CCSNJ) looks forward to evaluating the details of Governor Murphy’s proposed FY2023 state budget to better understand the ways in which it helps the small businesses community, which is so in need, as well as the overall South Jersey region. It’s undeniable that the FY2023 state budget is bloated at $48.9 billion, which is an approximate five percent increase in spending over the FY2022 proposal and a nearly 31 percent increase over the Governor’s first budget in FY2019. Although the CCSNJ is always pleased when no new taxes are proposed, those in the business community have already faced a tax increase due to the automatic Unemployment Insurance (UI) tax, which went into effect last fall and will continue to increase over the next two years unless state government uses federal funds, as other states have done, to offset future increases on employers. Still, the CCSNJ looks forward to supporting the additional $50 million being allocated to the Main Street Recovery Finance Program, allocations to the NJ Wind Institute, and exploring the affordability measures the Governor stated is one of the key themes of the FY2023 state budget."

The legislature must approve a budget by July 1, 2022 and the CCSNJ will remain actively engaged in the budget process.

To watch the Governor's budget address, click here.

To read the address as delivered, click here.

To read the Governor's press release, click here.

For a one pager on the Governor's budget, click here.

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For any Government-related comments, questions or suggestions please contact:

Hilary Chebra

Manager, Government Affairs, CCSNJ

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