NFIB Reacts to Newly Passed $54.3 Billion New Jersey State Budget

June 30, 2023

NFIB Reacts to Newly Passed $54.3 Billion New Jersey State Budget

FOR IMMEDIATE RELEASE TRENTON (June 30, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy association, released the following statement by State Director Eileen Kean in reaction to the New Jersey Legislature’s passage this afternoon of the SFY 2024 budget, the largest in the Garden State’s history. The $54.3 billion spending plan has been sent to Gov. Phil Murphy, who is expected to sign the bill this evening. “This afternoon, the New Jersey Legislature passed and delivered its $54.3 billion SFY 2024 Budget to Governor Murphy to sign by midnight, avoiding a government shutdown. The budget includes expanding property tax relief to provide meaningful tax credits for all senior citizens with incomes under $500,000. Regrettably, the ‘Stay-NJ’ property tax plan does not include similar tax credits for commercial businesses, the drivers of municipal property tax revenue. “Also missing from the budget was funding for the Unemployment Insurance Trust Fund to stop a July employer tax increase. Governor Murphy refused to support allocating federal pandemic relief money to compensate for the $1.4 billion fund shortfall caused by the COVID-19 pandemic and state-mandated business closures and restrictions. Instead, every New Jersey small business will pay a tax increase to fund the Unemployment Fund debt.

“NFIB supported legislation passed within the budget that changed combined reporting under the state’s corporate tax code. The plan includes changes to the tax code to make the state more attractive for businesses and competitive in the tri-state area. Also, as part of the budget agreement, the 11.5% corporate business tax will sunset at the end of the year back to 9%. Instead of having the highest corporate tax rate in the country, come 2024 New Jersey will have the fourth highest rate.”

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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.

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