NJBIA Statement on First Anniversary of Murphy Administration Economic Plan

NJBIA President & CEO Michele Siekerka, Esq., made the following statement on Tuesday regarding the one-year anniversary of the release of Gov. Phil Murphy’s economic plan.

“Through the first year of the plan, the administration has taken some much needed steps to put New Jersey on the path to regain its stature as the Innovation State. This is a vision shared by NJBIA, recognizing New Jersey’s location, workforce and infrastructure.

“NJBIA appreciates the administration’s efforts to review and improve the state’s economic incentive programs, which includes a prioritization of venture capital investment, and its support for education and workforce development. But we still need our state’s economic plan to be seen through the lens of regional competitiveness and affordability.

“If we don’t address affordability, we run the risk of not receiving the full benefits of our high-performing education system if our future workforce leaves because they can’t afford to live here.

“New Jersey’s taxes are exorbitant and, even in a time of a strong economy, there is still the call for more tax increases. NJBIA continues to encourage reforms to reduce the overall cost of our public employee pension and benefit cost liabilities. Without these reforms, more burdens will be placed on taxpayers and the future of essential state services will be put at risk. Moreover, we need our policymakers to prioritize working together now to put together a strong, responsible and effective tax incentive program to give New Jersey a chance to level the playing field.

“NJBIA remains committed to working with the administration to help bring economic vitality and prosperity to New Jersey.”