NFIB Reacts to Gov. Murphy’s Budget Proposal

TRENTON (Feb. 28, 2023) – The National Federation of Independent Business (NFIB), New Jersey and the nation’s leading small business advocacy association, released the following statement by NFIB State Director Eileen Kean in reaction to the announcement this afternoon of Gov. Phil Murphy’s FY 2024 budget proposal:

“NFIB commends aspects of Governor Murphy’s SFY 2024 Budget and is encouraged that the proposal is without any new taxes or fees. However, the $53.1 billion proposed budget, which spends $20 billion more than New Jersey’s state budget did a decade ago, does not address the state’s distressed unemployment trust fund.

“The small business community in the Garden State are disappointed that Governor Murphy failed to even acknowledge the precarious state of New Jersey’s depleted unemployment trust fund, which could result in higher costs and taxes for employers. Using federal Covid funds to replenish the billion dollar shortfall caused by pandemic closures is a fair and common sense solution that most states in the country have followed. Instead, Governor Murphy is placing this future monetary burden on our Main Street and neighborhood business owners. As local job creators continue navigate unprecedented economic headwinds, NFIB remains committed to working with the legislature to address this deficit in a bipartisan fashion when they present their budget to the Governor in June.

“NFIB is grateful that Governor Murphy’s budget wisely allows the temporary Corporate Business Tax (CBT) surcharge to expire, potentially ending New Jersey’s claim to the highest business income taxes in the country. While the budget proposal does include important funding for the residential ANCHOR tax relief program, small commercial businesses appear to again be without any reprieve from New Jersey’s suffocating property tax burden.”

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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.