The National Federation of Independent Business (NFIB) has released a statement regarding the New Jersey Legislature’s passage of the FY2027 state budget. The $60.7 billion spending plan, signed into law by Gov. Mikie Sherrill, is the largest in the Garden State’s history.
Concerns Over Transparency and Taxation
NFIB New Jersey State Director Eileen Kean expressed concerns over the lack of transparency in the budget process, which was promised by the governor during her Budget Address in March. Additionally, the budget includes a Medicaid tax that will impact certain businesses, requiring them to pay up to $750 per employee plus $750 per dependent for employees enrolled in NJ Family Care.
The NFIB also expressed relief that the so-called “Make Polluters Pay Act” did not pass, as it would have retroactively penalized fossil fuel companies, driving them out of the state and weakening the economy. The organization supported a bill that reduced business formation fees, but notes that more needs to be done to make New Jersey more affordable for taxpayers and small businesses.
Original reporting: NFIB (National Federation of Independent Business) — read the source article.
