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New Jersey Ranks Dead Last State Business Tax Climate

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the staff of the Ridgewood blog

Trenton NJ, the Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems and provides a road map for improvement.

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Time to Lower the New Jersey’s Corporate Business Tax

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the staff of the Ridgewood blog

Holmdel NJ,  in what has become an unfortunate annual occurrence, New Jersey has yet again ranked dead last when it comes to a healthy business environment according to the Tax Foundation’s 2023 State Business Climate Index. To help change course, longtime small business advocates Assemblyman Gerry Scharfenberger and Assemblywoman Victoria Flynn (Monmouth – R’s) have introduced new legislation (A4907) that will lower New Jersey’s Corporate Business Tax (CBT) as well as end the Business Surcharge Taxes that limit potential growth:

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New Jersey Chamber of Commerce : 69% of Business Executives said New Jersey is Unfriendly to Business

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the staff of the Ridgewood blog

Trenton NJ, Nearly seven in 10 business executives (68%) said they believe the U.S. economy has entered a recession, and vast majority of them (71%) believe it will last longer than a year, according to a survey of business executives conducted by the New Jersey Chamber of Commerce. The results were released today.

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New Jersey’s Innovation Economy Continues to Lag Region

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the staff of the Ridgewood blog

Trenton NJ, NJBIA’s updated 2022 Indicators of Innovation report, a comprehensive examination of how New Jersey’s innovation economy compares to other regional states, shows the Garden State slipping slightly in overall score and position from the 2020 report, but also taking key steps which could improve its future standing.

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N.J. Chamber of Commerce , It’s Time to Start Standing Up For Residents and Businesses

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the staff of the Ridgewood blog

Trenton NJ, N.J. Chamber President and CEO Tom Bracken continues to kiss up to Governor Murphy and the Democratic legislator . In a statement Bracken claimed  that last Wednesday and Thursday, the New Jersey Chamber of Commerce held a very successful “ReNew Jersey Business Summit and Expo” in Atlantic City. Some news coverage of the Summit included a comment made by me, in regard to the plight of the business community, that suggested the governor and Legislature “are not doing anything about it of substance.” Braken owned it then proceeded to back peddle and play CYA .

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NJCPA “Ignoring businesses does not help low- and middle-class New Jerseyans”

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the staff of the Ridgewood blog

Roseland NJ, This afternoon, Governor Phil Murphy delivered his budget proposal for New Jersey’s 2023 fiscal year which begins July 1. We applaud the Governor for proposing a budget that includes no tax increases or new fees. The NJCPA also commends Governor Murphy for once again including a full payment to the public worker pension fund, though structural reform to public worker benefits is necessary to end the ballooning burden of these benefits on the state budget. We also applaud the Governor for making a large allocation to debt defeasance.

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Governor Murphy’s Budget Address Omits Cascading Challenges on Main Street Businesses, Unemployed, Workforce Shortages, Inflation, or Unprecedented supply-chain disruption

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the staff of the Ridgewood blog

Trenton NJ,  Governor Phil Murphy (D) delivered his budget address for New Jersey’s upcoming fiscal year today, outlining the administration’s fiscal and policy priorities.

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SHOCKER : NJ State Senate Proposes Ways to Enhance Retirement Savings

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state of New Jersey attempts to help people who work for a living , what gives????

the staff of the Ridgewood blog

Trenton NJ,  in an effort to encourage and help more New Jersey workers have secure retirements, the Senate Budget and Appropriations Committee approved legislation that would provide taxpayers a gross income tax exclusion in the amount of contributions made to a qualified retirement plan.

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Governor Murphy Continues to Ignore the Plight of Small Business while the NJ Legislator imposes even more burdens and costs

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the staff of the Ridgewood blog

Ridgewood NJ, Governor Murphy Continues to Ignore Small Business while the NJ Legislator imposes even more burdens and costs.

In a Statement from N.J. Chamber of Commerce President and CEO Tom Bracken on the State of the State address:

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We should be extremely concerned when nearly 60% of business owners tell us they are ready or willing to shut their doors for good due to government mandates and restrictions

the staff of the Ridgewood blog

Trenton NJ, Senator Steven Oroho (R-24) said the State must do more to support New Jersey’s small businesses after a new survey found that 60% of business owners were planning on or considering shutting down their businesses due to the continuing challenges of the pandemic. Continue reading We should be extremely concerned when nearly 60% of business owners tell us they are ready or willing to shut their doors for good due to government mandates and restrictions

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Another Iconic Business Shutters its doors for good, while Rep Josh Gottheimer and Governor Phil Murphy Remain Silent

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the staff of the Ridgewood blog

Paramus NJ, Frank Pallotta who is currently running for Congress in the 5th District  had this to say about the Fireplace closure in Paramus ,”These unfortunate scenes are becoming far too common in New Jersey. Another iconic business shutters its doors for good, while Rep Josh Gottheimer and Governor Phil Murphy remain silent on every issue affecting their ability to remain open and operate profitably. It should surprise no one that nearly a dozen concerned Republican leaders in the area stopped by to offer support, while in Democrat-controlled Bergen County, not one Democrat showed their face. Thank you Jack Ciattarelli for taking the time to speak to hundreds of patrons, to Jim Arakelian for putting all this together, and to all the candidates who stopped by.”

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New York, Vermont, and New Jersey Rated the Least Competitive States

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the staff of the Ridgewood blog

Trenton NJ, the American Legislative Exchange Council (ALEC) has released its 14th annual Rich States, Poor States report ranking states on their economic performance and outlook.

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New Jersey Bubble Wrap Company Looking to Relocate to Dutchess County

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the staff of the Ridgewood blog

Linden NJ,  Air Protection Packaging Corp., based in Linden, New Jersey, wants to move its headquarters and manufacturing facilities to the former Alfa Laval building in the Town of Poughkeepsie in Dutchess County , New York.

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New Bill Looks to Spur Research and Investment in New Jersey

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Assemblyman DePhillips moves to make New Jersey America’s innovation leader

the staff of the Ridgewood blog

Trenton NJ,  New Jersey’s corporate business tax has led to an exodus of investment in the state once called the nation’s medicine chest. New Jersey is fifth out of seven states in the region for innovation, according to an NJBIA study, and experienced the largest loss of undergraduate students by more than 21,000.

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Small Business and Non Profit Tax Incentive Bill Blocked by Democrats

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the staff of the Ridgewood blog

Trenton NJ, During today’s meeting of the New Jersey Senate to consider legislation (S-3295) to reestablish a State tax incentive program, Senator Anthony M. Bucco (R-25) urged his colleagues to support an amendment to the bill that would include $300 million for emergency relief of small businesses and nonprofits struggling under the impact of COVID-19.

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