RELEASE: GSI Statement on Governor Murphy's Budget Address - Garden State Initiative


Business Tax, Governor Murphy, Public Spending

RELEASE: GSI Statement on Governor Murphy’s Budget Address

February 27, 2024


Members of the Press:

“After working with the business community and legislators on both sides of the aisle to reduce our highest-in-the-nation Corporate Business Tax (CBT), Governor Murphy’s announcement today blindsides our state’s job creators and undermines whatever trust or goodwill that had developed. We are hopeful that the State Legislature does not concur with this plan,” said GSI President Regina Egea. “We are already one of the most inhospitable places to do business in the country, and this will only make it worse.”

“With our state standing on a fiscal cliff driven by a structural deficit in the billions of dollars, the Governor’s budget plan proposes increasing spending by another $1 billion. How a budget that is short on revenue already can raise spending even more is disconcerting,” said GSI Policy Director Audrey Lane. “This, on top of toll hikes, record high property taxes, energy rate increases, and NJ Transit fare increases, we are beyond the tipping point. Where does it end?”