Statement on New Jersey's FY2027 State Budget

With legislative committees advancing New Jersey's record-setting $60.7 billion Fiscal Year 2027 budget, another budget cycle is coming to a close. It is time to look to the future and begin to focus on the state's most pressing need: our economy. Attention should turn to advancing policies that strengthen our economy, encourage investment, and improve New Jersey's long-term competitiveness, all of which have been virtually ignored for way too long.

Supporting economic growth and the business community was not a focus of this budget. New Jersey's employers - those who create jobs, drive investment, and fuel our state's economy - were given minimal support.

In fact, funding dedicated to supporting small businesses was significantly reduced, and the budget includes new taxes that disproportionately impact employers. These policies send the wrong message at a time when New Jersey should be working to attract and retain businesses, not making it more costly and cumbersome to operate here. The negative financial and reputational aspects will make it more difficult for us to compete which is necessary if the economy is to grow.

These additional burdens on employers are the result of years of unsustainable spending growth. Rather than continuing to rely on taxing businesses to close budget gaps, state leaders should focus on controlling spending and creating a more competitive economic environment.

With the budget nearly complete, it is time to turn the page. We encourage the administration and Legislature to work together on a pro-business agenda that supports entrepreneurs, helps existing employers grow, attracts new investment, and strengthens New Jersey's reputation as a destination for business.

New Jersey will continue to face significant fiscal and revenue challenges unless policymakers prioritize economic growth. Policies that encourage private investment, foster innovation, create jobs, and expand the tax base are the most sustainable path forward.

That should be a vigorous focus now - and should be done aggressively.

- Tom Bracken, President & CEO, New Jersey Chamber of Commerce