Garden State Times

The National Federation of Independent Business (NFIB), a leading small business advocacy group, has responded to Governor Phil Murphy's FY 2024 budget proposal announced on February 28, 2023. Eileen Kean, NFIB State Director, expressed mixed reactions to the proposed $53.1 billion budget.

Kean acknowledged some positive aspects of the budget, noting that it does not introduce new taxes or fees. However, she raised concerns about the significant increase in spending compared to a decade ago and criticized the lack of attention to New Jersey’s distressed unemployment trust fund. "The small business community in the Garden State are disappointed that Governor Murphy failed to even acknowledge the precarious state of New Jersey’s depleted unemployment trust fund," said Kean. She suggested using federal Covid funds to address the shortfall as a practical solution followed by many states.

The NFIB also welcomed the expiration of the temporary Corporate Business Tax surcharge included in Murphy's proposal, which could lower New Jersey's high business income taxes. Despite this, Kean highlighted ongoing challenges for small businesses related to property tax burdens: "While the budget proposal does include important funding for the residential ANCHOR tax relief program, small commercial businesses appear to again be without any reprieve from New Jersey’s suffocating property tax burden."

Governor Murphy's initial recommendations for FY2024 encompass numerous policy and spending initiatives affecting communities and businesses across New Jersey. The NFIB pledged continued advocacy throughout the legislative session to support small business interests.