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NFIB Report: Small Business Optimism Reaches Lowest Level Since 2012

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TRENTON NJ ,Two newly released surveys do not paint a pretty picture nationally or in New Jersey for the small-business economy.

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New Environmental Justice Rules: New Jersey is No Longer open to Manufacturing and the Good-paying jobs they Deliver

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the staff of the Ridgewood blog

Trenton NJ, NJBIA Deputy Chief Government Affairs Officer Ray Cantor released the following statement regarding the publishing of the final Environmental Justice rule in the New Jersey Register today, as announced by Gov. Phil Murphy. 

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WalletHub Study: New Jersey Is 2023’s 4th Worst State to Start a Business

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the staff of the Ridgewood blog

Ridgewood NJ, with around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, the personal-finance website WalletHub today released its report on 2023’s Best & Worst States to Start a Business, as well as expert commentary.

To determine the most fertile grounds for planting and growing new ventures, WalletHub compared the 50 U.S. states across 27 key indicators of startup success. The data set ranges from financing accessibility to the percentage of residents who are fully vaccinated against COVID-19 to office-space affordability.

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Murphy Administration Temp Worker Bill’s Burdensome Impact on NJ Businesses

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the staff of the Ridgewood blog

Trenton NJ, the New Jersey Business & Industry Association is opposing a bill today that will result in burdensome requirements, and possibly lawsuits, on temporary staffing agencies and the third-party companies that utilize them.

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New Jersey Still Worst Business Climate in the Region

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the staff of the Ridgewood blog

Trenton  NJ, As part of its recent budget testimonies provided to the Legislature, NJBIA has released its updated 2022 Regional Business Climate Analysis showing New Jersey continues to significantly trail the rest of the region in business climate.

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New Jersey Is the State with the 3rd Worst Unemployment Rate Recovery According to a WalletHub Study

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the staff of the Ridgewood blog

Trenton NJ, With the U.S. gaining 199,000 jobs in December, below the previous month’s 249,000 jobs, WalletHub today released updated rankings for the States Whose Unemployment Rates Are Bouncing Back Most, to illustrate which areas of the country have had the best recovery so far.

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New Jersey Small Business Disappointed by Slow Reopening Plan

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the staff of the Ridgewood blog

Ridgewood NJ, New Jersey still does not have a plan to reopen.  Meanwhile, yesterday Governor Cuomo announced people can get served at bars in New York City beginning Monday and that outdoor and indoor dining curfews for bars and restaurants in the city will both be lifted by the end of May.  Disappointingly, this week Governor Murphy only announced that  indoor room capacities would increase to 50 percent for certain venues such as weddings, school proms, political events, funerals and performances starting on May 10.  New Jersey’s indoor dining is still capped at 50% and bar sitting is prohibited.

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Business survey shows state not doing enough to save economy, small-business owners

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the staff of the Ridgewood blog

MIDLAND PARK  NJ, The state economy will be facing a deluge of business closings if it doesn’t do more to help employers, according to a COVID-19 Business Impact Survey by Assemblyman Christopher DePhillips.

Of the 121 survey responses, nearly half (45%) will not survive the next three weeks, and one-hundred (83.3%) businesses will be closed by the end of June.

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The Governor’s Budget Speech Did Not Contain Much the New Jersey Chamber of Commerce can Support

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the staff of the Ridgewood blog

Ridgewood  NJ, N.J. Chamber of Commerce President Tom Bracken pointed out facts on Phil Murphy’s catastrophic budget . In making this proposal, the Governor said there is no proof New Jersey’s highest bracket taxpayers are leaving the state. The study by Wealth X in 2019 showed very clearly that more than 5,000 residents with net worth over $1 million had fled New York and New Jersey in 2018.

N.J. Chamber of Commerce President Tom Bracken’s Statement on Governor Murphy’s Budget Address :

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New Study Shows New York, New Jersey Face Largest Population Decrease In The U.S.

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Ridgewood NJ, just one day after progressive groups lobbied Governor Murphy for massive tax increases ,a new study finds that New York and New Jersey are losing more residents than any other states.

The career website Zippia looked at the population data from the Census’ American Community Survey to determine the states with the largest population decrease from 2017 to 2018, which is the most recent data available.

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New Jersey remains without the much-needed mechanism to level the playing field against our regional competitors who have a less challenging business climate

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 the staff of the Ridgewood blog

Trenton NJ, New Jersey Business & Industry Association Vice President of Government Affairs Christopher Emigholz issued the following statement today regarding the release of the Senate Select Committee on Economic Growth Strategies (SEGS) report.

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Phil Murphy the Anti-Business Governor

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the staff of the Ridgewood blog

TRENTON NJ, NFIB, the leading small business association in the nation, with thousands of members in New Jersey reacted today to Governor Phil Murphy’s statement on taxes made at a Rowan University according to a news outlet. KYW reported that the Governor said “If you’re a one-issue voter and tax rate is your issue, either a family or a business if that’s the only basis upon which you’re going to make a decision, we’re probably not your state.” NFIB’s State Director in New Jersey, Laurie Ehlbeck commented on Gov. Murphy’s statement:

“Taxes are one of the top concerns of the nearly 900,000 small businesses in the state, and it’s unbelievable that the Governor would imply with his words if that’s so, New Jersey is probably not their state. He is implying they are unwelcome if they don’t want to pay more–that is ludicrous.

“It’s becoming clear that our Governor’s goal is to spend, spend, spend, and even though legislative leaders fought him on that, he is now attacking those who pay the state’s bills, small business owners. If they take his suggestion and leave New Jersey, our state will be a very sorry place. Its already ranked among the worst for high taxes.”

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New Jersey Has the Highest Combined Corporate Tax Rate

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the staff of the Ridgewood blog

Ridgewood NJ, according to the Tax Foundation the Tax Cuts and Jobs Act (TCJA) significantly reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent,  making the U.S. more competitive with other developed nations.

However, it’s important for lawmakers to remember that corporate income taxes at the state level also contribute to the overall tax burden on corporate profits.

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Senator Paul Sarlo, chairman of the Senate Budget and Appropriations Committee , “The Millionaires’ Tax Could Make Economic And Fiscal Conditions Worse”

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the staff of the Ridgewood blog

Woodridge NJ, Senator Paul Sarlo, the chairman of the Senate Budget and Appropriations Committee, issued the following statement today after the committee heard from the Office of Legislative Services and the State Treasurer on the fiscal and economic conditions that will shape the state’s Fiscal Year 2020 budget plan:

“This is a pivotal time for public finances in New Jersey, which makes our work on the state budget as important as ever. We face both immediate and long-term fiscal challenges that can no longer be ignored or deferred.

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Minimum Wage: Urgent Concerns Of Small Business Community Not Heard

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the staff of the Ridgewood blog

Ridgewood NJ, NJBIA President and CEO Michele N. Siekerka issued the following statement regarding the Assembly and Senate passage of the $15 minimum wage bill (A-15/ S.15) today.

“New Jersey’s small business community wrote thousands of letters to our lawmakers and testified how they will struggle, stagnate or fail when this legislation is signed by the governor. With today’s passage, the urgent concerns of this community have not been heard.

“For years, NJBIA has said any increase in the minimum wage should be done responsibly. This legislation falls woefully short of that standard, and our small businesses will bear the brunt of it. In the first year alone, they will see a 35 percent increase to their expenditures, when including increased payroll taxes as a result of the wage increase.

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