Former US Attorney Chris Christie shrugged off a three-to-one campaign spending disadvantage to become the next Governor of New Jersey on November 3, defeating Governor Jon Corzine by about 100,000 votes.

Christie, a Republican, garnered 49 percent of the vote to win over Democrat Corzine, who had 45 percent, and Independent Chris Daggett, who mustered 6 percent. In the Assembly, Republican candidate Domenick DiCicco edged Democrat Bill Collins to fill the seat of retiring Democrat Sandra Love in Legislative District 4 (Gloucester and Camden Counties). While all 80 Assembly seats were contested on election day, this was the only seat to change parties. Additionally, the Statewide ballot question authorizing $400 million in bonds to purchase open space narrowly passed, 51 percent to 49 percent.

Christie won by building huge margins of victory in traditionally Republican strongholds in Ocean, Monmouth and Morris Counties and coming within two points of winning Democratic-leaning Bergen County. Christie also won the solidly Democratic Counties of Middlesex and Gloucester, while narrowing traditionally large Democratic majorities in Union, Passaic, and Camden Counties.

The one wild card in the race was the presence of a credible third-party candidate. Daggett, a former NJ Department of Environmental Protection commissioner for Republican Governor Tom Kean, was polling in the mid teens as the election drew near, and many observers thought he could take a significant part of the anti-incumbent vote that would otherwise go to Christie. In the end, however, Daggett's performance did not nearly match his poll numbers, as independent voters went heavily for Christie.

In two special elections held to fill vacant State Senate seats, Democrat Jim Beach was chosen to fill Senator John Adler’s unexpired term in Camden County's 6th Legislative District, and Republican Michael Doherty was elected to fill Senator Leonard Lance's unexpired term in the 23rd Legislative District (Hunterdon and Warren Counties). Adler and Lance were both elected to the US House of Representatives last year.

The election results mean that the make-up of the State Senate will remain 23 Democrats, 17 Republicans, while the Assembly will shift to 47 Democrats and 33 Republicans.

2. Christie Pledges Moratorium on Business Regs

Governor-Elect Chris Christie on November 4 pledged to quickly halt the imposition of new regulations on businesses for 90 days and to get control of property taxes. Christie made reducing taxes and government regulations major themes of his successful gubernatorial campaign and signified that he would pursue them early in his Administration.

Specifically, he said he would issue an executive order suspending the implementation of any new regulations for 90 days so that his administration could review the thousands of existing regulations. During the campaign, he said that his running mate, Lieutenant Governor-Elect Kim Guadagno, would lead a task force to reduce regulations in the State.

He also said he wanted a stricter cap on increases in spending by local governments and to force municipalities to share more services. Current spending increases are capped at 4 percent per year but contain numerous exemptions. He also pledged to freeze unfunded mandates.

3. Congress Passes Five-Year Carry Back for Net Operating Losses

Both the House and US Senate voted to allow businesses that have net operating losses (NOLs) in 2008 and 2009 to deduct them from taxes they paid up to five years before.

The so-called "carry-back" provision was included in legislation extending unemployment benefits and tax credits for first-time home buyers. The bill, H.R. 3548 (McDermott), unanimously cleared the US Senate on November 4 and passed the House on November 5 by a vote of 403 to 12. President Barack Obama is expected to sign it.

The measure allows for the deduction of NOLs in any of the preceding five tax years prior to when they occurred. Businesses of all sizes are eligible to deduct them, but the deduction cannot exceed 50 percent of the filer’s taxable income. The provision will help businesses get cash needed to maintain operations.

4. NJPRO Honors 18 Bright Ideas

On November 6, NJPRO Foundation will present 18 awards for "Bright Ideas" at its Annual Bright Idea Awards Ceremony during the annual meeting of the Business School Deans at the NJIT.

The Bright Idea Awards annually recognize outstanding academic research that furthers the cause of business and private enterprise in New Jersey. The winning papers can be found in the Eighth volume of Publications of New Jersey's Business Faculty, published by NJPRO Foundation and the Stillman Business School at Seton Hall University. It is a compilation of scholarly research on business-related issues, and it celebrates the business intellectual capital at colleges of business within New Jersey.

NJPRO has collaborated with the academic community to spotlight research which may be useful in the business world. Over 150 papers were submitted for consideration from all of the State’s business schools. The winning papers will be available for viewing starting November 10 on NJPRO’s website www.njprofoundation.org. For more information, contact Sara Bluhm.

5. Health Insurance: How to Get the Best Deal, November 13

At this half-day seminar at the Renaissance Woodbridge Hotel in Iselin, NJBIA will bring together top industry experts to show you how to get the best deal on health insurance for your business. For more information, contact Katie Wittkamp at 609-393-7707, ext. 239, or register online now.