New Jersey Chamber of Commerce Statement on Fiscal 2025 State Budget

I hope this is a nightmare that isn’t true.

We have been preaching that New Jersey needs to become more affordable, more business friendly and more competitive. Now we are shocked that there is talk of reinstituting higher taxes on businesses less than three months after the 2.5% Corporation Business Tax (CBT) surcharge expired. If the fiscal 2025 state budget is passed, as proposed, and the surcharge is reinstated, New Jersey will quickly go from being the CNBC “Most Improved State for Doing Business” to being one where companies flee – and stay away.

The proposal to bring back the CBT surcharge does long-term harm to the state’s reputation and the economy. There’s nothing good about it. Our positive momentum will immediately pay the price since we will have the highest business tax in the nation. That’s a major step backwards.

The state will have deliberately chosen to send a message that New Jersey is an unpredictable place to set up shop – and that there is a possibility promises made to executives and business owners might not be honored. It is that plain and simple – and extremely disappointing.

In the proposed budget, there is a lot of talk about program expansion to help New Jersey citizens. That could only happen long-term through business expansion – and enhanced employer community support.

This is certainly a nightmare scenario for New Jersey.

Thomas Bracken, President & CEO, New Jersey Chamber of Commerce