The New Jersey Business & Industry Association (NJBIA) has announced its opposition to the Climate Superfund Act, known as S-3545, and proposed amendments scheduled for a vote in the Senate Budget & Appropriations Committee. The organization argues that the legislation would negatively affect New Jersey’s two remaining refineries, consumers, and the broader business community.
The bill would retroactively require companies in New Jersey to pay tens of billions of dollars for providing fossil fuels. Proposed amendments include renaming the bill, increasing retroactive liability to $50 billion, and offering a supposed exemption for local refineries.
Ray Cantor, NJBIA Deputy Chief Government Affairs Officer, stated before the committee hearing: “The proposed substitutions of this bill do not change our opinion on it in any way, shape or form.” He added: “The refineries that are supposedly exempted, of which we only have two remaining in New Jersey, are still very much exposed to damages. The language semantics does not change the fact that the bill will still have enormous financial impacts to those companies, which contribute $8.4 billion to the national economy, pay $1.4 billion in state and local taxes, pay $4 billion in labor income, and support 35,700 jobs in the state.”
Cantor also warned that if enacted into law, residents could see significant price increases at gas stations and businesses could face financial risks. He said passage of S-3545 would discourage investment by creating uncertainty about potential retroactive penalties for providing legal products.
“This bill remains completely unjust and likely unconstitutional,” Cantor said. “We wholly reject the changes and continue to urge the Legislature to either vote ‘no’ on the bill or drop it altogether in lame duck.”
Earlier this week, more than 100 organizations signed a letter from the New Jersey Business Coalition addressed to all members of the Legislature outlining concerns about affordability issues, economic impact on jobs and businesses, perceived unfairness of retroactive penalties despite legal compliance, and negative signals sent to businesses operating within state laws.
NJBIA represents employers across various sectors including manufacturing, retail, wholesale trade, contracting and services throughout New Jersey according to its official website. The association offers advocacy efforts as well as information and cost-saving benefits designed to support business prosperity according to its official website. Founded in 1910 as the New Jersey Manufacturers Association according to its official website, NJBIA is headquartered at 10 West Lafayette Street in Trenton according to its official website.