Chamber of Commerce Southern New Jersey statement on Governor Murphy’s Proposed FY2023 State Budget

The following is a statement from Christina M. Renna, president & CEO, Chamber of Commerce Southern New Jersey:

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.

###