On Tuesday, February 23, Governor Phil Murphy delivered his proposed budget in a recorded video instead of appearing before lawmakers at the state capital due to the COVID-19 pandemic.

The biggest news is that the Governor is proposing no new taxes, but he has called for additional funding for many programs including a significant amount of funds for education. You can watch or read the full speech here.

NFIB’s State Director, Eileen Kean issued a new release commenting on the pros and the cons for small business in Gov. Phil Murphy’s budget speech. Her statements were carried by the New Jersey Globe, below, and Insider NJ. Here is what Eileen said:

“It is good to hear our Governor is not seeking to raise taxes and wants to provide additional relief to small businesses that are still struggling. Today, nearly a year since state-ordered business shutdowns, many small businesses remain under state capacity restrictions and their future is very fragile. It is also is appreciated that the state won’t tax the federal PPP loans that saved so many businesses.

Gov. Murphy said full funding of the pension obligation will create long-term solvency. But to prevent the exponential growth of future pension costs the benefit must be restructured to make it sustainable. A responsible step like that would offer business owners more certainty and give them the confidence to grow. Wouldn’t that make for the stronger post-pandemic New Jersey the Governor talks about?”