NJBIA Deputy Chief Government Affairs Officer Ray Cantor issued the following statement to substitutions and revisions of the Climate Superfund Act, which are expected to be released for today’s voting session in the Senate Budget and Appropriations Committee. 

Among the most notable changes are a retroactive liability amount set at $50 billion, an exemption for New Jersey refineries as liable parties in the bill and a change in name of the bill. 

This week, the New Jersey Business Coalition issued a letter to the Legislature, with more than 100 signatories, urging lawmakers to oppose the bill in any form. 

“The proposed substitutions of this bill do not change our opinion on it in any way, shape or form,” Cantor said.

“At best, it’s putting lipstick on the proverbial pig. At worst, it may actually be more damaging to New Jersey businesses and consumers.

“The refineries that are supposedly exempted, of which we only have two remaining in New Jersey, are still very much exposed to damages. The language semantics does not change the fact the bill will still have enormous financial impacts to those companies, which contribute $8.4 billion to the national economy, pay $1.4 billion in state and local taxes, pay $4 billion in labor income, and support 35,700 jobs in the state.

“If passed into law, New Jersey residents will still have major increases at the pump, the numbers of which will be a shock to their wallets. Our job creators will be put at risk. And our business community as a whole will be chilled knowing that in New Jersey you can provide a legal and essential product needed for our survival and prosperity, and then be retroactively penalized tens of billions of dollars.

“This bill remains completely unjust and likely unconstitutional. We wholly reject the changes and continue to urge the Legislature to either vote ‘no’ on the bill or drop it all together in lame duck.”