The President and CEO of the New Jersey Chamber of Commerce, Thomas Bracken, has expressed concerns over potential changes in the state's fiscal 2025 budget. Bracken highlighted the possibility of reinstating a higher Corporation Business Tax (CBT) surcharge just months after its expiration. He remarked, "I hope this is a nightmare that isn’t true."
Bracken emphasized the importance of making New Jersey more affordable and business-friendly. He noted his surprise at discussions about reintroducing the CBT surcharge so soon after it ended. If enacted, he warned that New Jersey could lose its status as CNBC's "Most Improved State for Doing Business" and risk companies leaving or avoiding the state.
He further stated, "The proposal to bring back the CBT surcharge does long-term harm to the state’s reputation and the economy." Bracken believes this move would result in New Jersey having the highest business tax in the nation, which he views as a setback.
According to Bracken, such actions send a message that New Jersey may not be reliable for businesses seeking stability. He said, "The state will have deliberately chosen to send a message that New Jersey is an unpredictable place to set up shop."
Bracken also pointed out that while there is discussion about expanding programs for citizens in the proposed budget, long-term success depends on business growth and community support from employers.
In conclusion, Bracken described these developments as "certainly a nightmare scenario for New Jersey."
