CIANJ RESPONDS TO GOVERNOR MURPHY’S PROPOSED FY 2019 BUDGET
Contact: Tracy Schoenberg
Manager, Communications & Social Media, CIANJ
201-368-2100 x118
CIANJ RESPONDS TO GOVERNOR MURPHY’S PROPOSED FY 2019 BUDGET
TRENTON (March 13, 2018) – The Commerce and Industry Association of New Jersey (CIANJ) applauds certain aspects of the new $37.4 billion budget unveiled by Gov. Phil Murphy today but is concerned with the increase in spending and plans to change the corporate business tax rate.
“Gov. Murphy is increasing the state budget by $2.7 billion over last year,” said Anthony Russo, president of CIANJ. “CIANJ is concerned about the impact this will have on New Jersey’s economy when it is unclear if he can raise the revenue necessary to balance that kind of an increase.”
Russo is concerned that the increased spending will have far-reaching consequences, affecting New Jersey’s ability to grow and attract business here.
Russo praised the governor’s plan to invest in NJ’s transportation infrastructure, including NJ Transit, which is key to long-term economic health. Many of the governor’s initiatives will help put the state on sound fiscal footing including the promise of contributing $3.2 billion to the pension system. CIANJ also commends the administration’s efforts to improve New Jersey’s workforce and alleviate the tax burden on our citizens by increasing the property tax deduction to $15,000.
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About CIANJ
CIANJ is a unique network of businesses committed to improving and advancing the cause of free enterprise in the Garden State. Our focus sets us apart from other organizations and provides the basis upon which we work to make our state a better place to live, work and conduct business.
