It has been over six weeks since Gov. Phil Murphy proposed a highly punitive business tax increase on the state’s largest companies in his fiscal 2025 state budget. Essentially, he is saying New Jersey should replace the temporary 2.5% Corporate Business Tax surcharge that expired at the end of 2023, and repackage it as a Corporate Transit Fee. This tax hike would affect New Jersey’s largest job creators, tax revenue producers and philanthropic givers — in a very bad way, as would the “Buck a Truck” proposal, which is an unnecessary nuisance tax on the state’s burgeoning logistics industry. Moreover, the proposals would hurt the progress New Jersey has been making as a desirable location to run a business.
Last week, we had the privilege of hosting the remarkable ReNew Jersey Business Summit & Expo in Atlantic City, attended by 850 leaders in business, nonprofits, government, and academia. The energy, insights and optimism shared during the Summit were inspiring.
It reinforced a resounding message: New Jersey is an exceptional place to conduct business.
In fact, Ralph LaRossa, the president and chief executive officer of PSEG and Chair of Choose New Jersey, when referencing New Jersey’s attractiveness, as evidenced by the Garden State being awarded the World Cup Final said, “The world chose New Jersey, So maybe you should choose New Jersey.” He was speaking to companies considering investments in the Garden State.
By Scott Goldstein, Communications Manager, N.J. Chamber of Commerce
New Jersey Chamber of Commerce President and CEO Tom Bracken, delivering testimony this morning in front of the Assembly Budget Committee, said the proposed $56 billion state budget would inflict damage on New Jersey’s economy and its reputation as an improving destination to run a business. Bracken primarily took aim at what he called a “punitive and egregious” 2.5% Corporation Business Tax hike on the state’s biggest employers.
A plan to raise the state’s per-gallon gas tax by 1.9 cents per year over five years to fund the state highways, roads, bridges and other infrastructure projects has garnered the approval of the New Jersey Chamber of Commerce.
I hope this is a nightmare that isn’t true.
We have been preaching that New Jersey needs to become more affordable, more business friendly and more competitive. Now we are shocked that there is talk of reinstituting higher taxes on businesses less than three months after the 2.5% Corporation Business Tax (CBT) surcharge expired.
The New Jersey Chamber of Commerce enthusiastically congratulates Gov. Phil Murphy, New York City Mayor Eric Adams and the entire New Jersey and New York team involved in bringing the FIFA World Cup 26™ Final to MetLife Stadium on July 19, 2026.
This is a once-in-a-lifetime opportunity to showcase the assets and capabilities of our state. New Jersey has hosted the Super Bowl, NCAA Tournament games, WrestleMania – and this will be the biggest event of them all, projected to bring more than 1 million visitors to our doorstep. The New Jersey and New York metropolitan area is one of the biggest and most diverse regions in the world, and we are a perfect host for the world’s biggest game.