State Treasurer Andrew P. Sidamon-Eristoff on March 6 gave New Jersey Chamber of Commerce members a briefing of Gov. Chris Christie's proposed $33.8 billion budget for the upcoming fiscal year - and he touted the Christie administration's continuing efforts to reduce business taxes.

The briefing came during a New Jersey Chamber of Commerce Breakfast Roundtable in Monroe.

The governor's plan for the fiscal budget, which goes into effect July 1, would complete the phase-in of two business tax reform initiatives that the New Jersey Chamber has long championed: a single sales factor formula for determining Corporate Business Tax liability and a net operating loss carry forward for small businesses.

The proposed budget contains no business tax increases. "We don't want to return to the ways of temporary taxes and surcharges that never go away," Sidamon-Eristoff said. "We have seen that movie."

The budget also would solve a problem with one of the state's business incentives by converting the BEIP (Business Employment Incentive Program) grant program into a tax credit program, so the funding mechanism would no longer be subject to the unpredictable appropriations process.

"This ensures the payment of incentives granted years ago to companies that create jobs," Sidamon-Eristoff said. "And it preserves the credibility of the state's incentive programs."

The treasurer praised the New Jersey Chamber of Commerce's role in pushing the Economic Opportunity Act of 2013, a package of aggressive reforms that arm the state with powerful business attraction and retention incentives.

"Whether or not you believe in incentives, the fact is we are in daily competition (for jobs) with our neighbors, the region and jurisdictions all over the planet," Sidamon-Eristoff said, "so a lot of money, time and attention is being invested in attracting jobs and I think that is appropriate."

The Christie administration and Legislative leaders are working on a plan to "reauthorize the state Transportation Trust Fund's capital program," for annual maintenance and improvements to New Jersey's highways, bridges and mass transportation, the treasurer said. The fund is set to run out of money on about June 30, when the cost of debt service is expected to exceed the fund's revenues.

Chamber lobbyists will continue to monitor the budget process and advocate for a budget that supports New Jersey's employers and strengthens the business climate. The State Constitution mandates that the Legislature must pass and the governor must sign a budget bill by July 1.

A special thank you to AT&T for sponsoring the event.