Trenton, NJ – (June 29, 2026) – The following statement can be attributed to Dennis Hart, Executive Director, Chemistry Council of New Jersey:

Governor Sherrill has laid out an ambitious agenda, supported by a strong team of appointees focused on improving New Jersey’s business climate, accelerating permitting decisions, and reducing unnecessary red tape, while continuing New Jersey’s long-standing commitment to protecting the environment and the health and safety of its residents. CCNJ has been encouraged by the Administration’s commitment not only to preserving the state’s manufacturing base, but also to addressing the factors that too often cause companies to overlook New Jersey when making decisions about where to invest and locate new facilities.

A3735/S2338 moves New Jersey in the opposite direction and risks undermining those efforts. The legislation would impose a $50 billion assessment on companies that the bill itself acknowledges did not violate the law, act negligently, or violate permit conditions. At a time when New Jersey is competing for jobs and investment, this legislation sends the message that companies can be subjected to massive retroactive liability for lawful activities, creating uncertainty that will discourage investment and threaten good-paying manufacturing and trade jobs.

The likely result is greater uncertainty for employers, fewer investments, and increased costs that will ripple throughout the economy and affect businesses, workers, and consumers alike. New Jersey cannot become more affordable by making it more expensive to do business here.

We urge the Legislature to reconsider this legislation before sending it to Governor Sherrill’s desk and instead allow the Administration’s efforts to improve affordability, strengthen competitiveness, and attract investment to move forward.

Changing the name of the legislation does not change its consequences for New Jersey’s economy, competitiveness, or affordability.