On behalf of our 20,000 member companies the New Jersey Business & Industry Association (NJBIA) supports A-10/S-2412, A-12 and S-2411, the bipartisan legislation that significantly reduces taxes on New Jersey residents, while generating revenue for the Transportation Trust Fund (TTF) through an increase in the motor fuels tax. As we understand, the proposed amendments to A-12 (Prieto) that are before you today reflect the comprehensive tax reform that NJBIA supported in the original bill. As such, we urge you to vote “yes” when the bills come before the committee for a vote on July 29, 2016.
This bipartisan proposal begins to provide needed tax relief for all New Jersey residents, while addressing our transportation infrastructure needs. We have long advocated for comprehensive reform that makes the state more affordable for all New Jerseyans and more competitive with those states that vie for our businesses and our residents. This proposal is a major step towards that goal.
As discussions have occurred over the summer, the inclusion of the pension and retirement income tax reforms, and full elimination of New Jersey’s estate tax remained a key aspect of this legislation. We praise the efforts of all the stakeholders including legislators, transportation advocates, labor and the business community, who have compromised long-held beliefs to get to this moment. However, action is imperative and needed now.
It is not easy for NJBIA to support a tax increase and we do not take this step lightly. We recognize that New Jersey depends on its roads and bridges so businesses can move their goods and employees more quickly, while providing services more effectively. Without a healthy, vibrant transportation network the infrastructure advantages we enjoy over our neighboring states will erode. This is critical for the state’s economic climate.
Once again, NJBIA supports A-10/S-2412, A-12 and S-2411 and we urge you to vote “yes” when the bills come before the committee for a vote on July 29, 2016. Should you have any questions or need any further information, please contact me at (609) 858-9512.
TO: Members of the Senate Budget & Appropriations Committee
FR: Andrew Musick, Director, Taxation & Economic Development
Date: July 29, 2016