We understand that this year's budget has been constructed in the face of many significant challenges. We appreciate that many aspects of the governor's budget plan remain business friendly.
The budget contains no business tax increases and no business tax policy changes, and it contains the final year of phased-in business tax cuts that were initiated several years ago.
The budget also corrects a problem with the BEIP program that has been detrimental to attracting and retaining business in New Jersey. It makes this aspect of the state's business incentive program more predictable by converting the BEIP grant program into a tax credit program. This would give consistency and certainty to this business program because it would no longer be subject to the appropriations process.
The state is still dealing with significant issues that impact our economy, job growth and our competitiveness. We look forward to helping shape solutions to these challenges and improving New Jersey's competitive position by aggressively working on initiatives that help grow jobs and the state's economy.
