NJBIA President and CEO Michele Siekerka issued the following statement regarding the $60.7 billion FY27 State Budget advanced by the Senate and Assembly budget committees on Sunday night.

“NJBIA appreciates efforts with this budget to find efficiencies and to keep spending relatively flat from last year, particularly after the massive spending increases from the previous eight years of unsustainable budgets.

“There are fewer current year add-ons this year, as well, but still too many when you consider that New Jersey is still less affordable after this budget than it was before. At the end of the day, this budget still raises taxes on business – yet again – and uses some gimmicks to pay for the new spending, which inherently means a bigger structural hole in next year’s budget.

“We are pleased to see investments in Gov. Sherrill’s Saving Time and Money Agenda, and the inclusion of NJMEP funding in the budget to help our manufacturing sector. But the bottom line for the business community is we are still under attack.

“Nearly all of the revenue-raisers in this budget are on the backs of business, despite having one of the worst business tax climates in the nation.

“We worked to mitigate the temporary Net Operating Loss limit and the Alternative Business Calculation Deduction. And while compromises were made on the per-employee fee on businesses with more than 50 employees using Medicaid, many of our job creators will be penalized for something which they have little to no control over. And, yes, workers on Medicaid will still be impacted.

“The Climate Superfund Act that is being considered during this budget cycle is one of the worst business policies in New Jersey history, which is no small task in our state. It sends a horrible message to our businesses and if it goes the distance, it will result in job loss, it will damage a productive and essential industry and it will raise costs for everyone.

"With the Fair Price Protection Act, the Legislature had an opportunity to expressly state its intent to protect consumers from price increases but instead pushed forward a bill that compromises the very cost-saving programs that consumers rely on.

“Rather than continuing to add the costs and burdens of our job creators, both small and large, we instead encourage our policymakers to finally embrace real reforms in New Jersey. We say it every year, but without those reforms, our affordability will continue to decline, and our large employer will continue to move, grow or invest elsewhere.”

“And finally, our budget is a big spend and a big deal for our state year over year. We cannot continue to find ourselves in the dark until the last minute, so we can understand what’s included and what’s not and what the impact to our  taxpayers will be. We continue to call for better transparency as we proceed  forward.”