Governor Jon Corzine on April 3 signed into law the final two pieces of property tax reform legislation. The new laws provide property tax credits, cap property tax increases and make it easier for local governments to share services.

Corzine signed A-1 (Roberts, McKeon)/S-20 (Codey, Kenny), which will provide property tax credits of 20 percent to homeowners with annual household incomes under $100,000; 15 percent for those with incomes between $100,000 and $150,000; and 10 percent for those with incomes between $150,000 and $250,000. The measure also caps the amount by which local governments can increase property taxes at 4 percent per year. However, the cap includes numerous exemptions, such as reductions in State aid, certain debt and interest payments, and health insurance increases above 4 percent.

An important provision of the law will allow local governments to negotiate health insurance premium cost-sharing arrangements with employees enrolled in the State Health Benefits Plan.

The Governor also signed A-4 (Roberts, Wisniewski)/S-10 (Smith), which makes it easier for municipalities and school districts to voluntarily share services. The measure provides for greater local government budget transparency, simpler rules to facilitate local government regionalization and cooperation, and a greater oversight role for county school superintendents to push local school districts towards more cost-cutting, efficiency and cooperation. For more information, contact Christopher Emigholz at ext. 201, or visit our Property Tax Facts Web page.

NJPRO Study: High Costs, Uncompetitive Policies Hurt New Jersey's Business Climate—Compared to most other states, New Jersey has higher taxes, health insurance costs and energy costs as well as less competitive business policies, according to a new report by the New Jersey Policy Research Organization (NJPRO) Foundation, the research affiliate of the New Jersey Business & Industry Association. Entitled New Jersey's Business Climate, How Policy and Perception Are Affecting New Jersey's High-Tech and Manufacturing Sectors, the report compares New Jersey to other states on health insurance, business taxes, individual taxes, competitiveness, and the overall cost of doing business.

New Jersey does have some advantages over other states. It is strategically located in one of the most densely populated and wealthiest consumer markets anywhere in the world and has a highly skilled and educated workforce. But the high cost of doing business does not allow New Jersey to reach its economic potential. The report also noted that New Jersey is creating private-sector jobs at a significantly slower rate than most other states. Among the findings:

• New Jersey's government policies are the worst in the nation in promoting small business growth and entrepreneurship (Source: 2006 Small Business Survival Index).

• Rigid environmental policies and aging infrastructure dragged down good scores in other areas to make New Jersey 43rd in its overall economic competitiveness (Source: Beacon Hill Institute 2006 State Competitiveness Report).

• Only two states—Ohio and Rhode Island—have a worse business tax climate than New Jersey (Source: The Tax Foundation’s 2007 State Business Tax Climate Index).

• New Jersey has the seventh highest cost of doing business, with costs over 20 percent higher than the national average (Source: Milken Institute Cost of Doing Business Index).

Get regular e-mail updates on the research activities of NJBIA's research affiliate by signing up for the NJPRO Issue Network. For more information, contact Christopher Emigholz at ext. 201.

Meet The Decision Makers: The Governor's Key Advisors on Wednesday, April 11—NJBIA's Meet the Decision Makers breakfast series will feature the Governor's key advisors on Wednesday, April 11. Chief of Staff Thomas Shea, Chief Counsel Ken Zimmerman and Policy Counsel Heather Howard will share their insights into the policies and plans of Governor Jon Corzine’s administration and take your questions. Don't miss this rare opportunity to talk to all three of the Corzine administration's top advisors at the same time. The breakfast will be held from 7:30 a.m. to 10:00 a.m. at Forsgate Country Club in Monroe Township, just off NJ Turnpike Exit 8A. The cost to attend this breakfast is $69 per person for NJBIA members and $105 for nonmembers. For more information or to become a high profile sponsor, contact Sherry Esteves at 609-393-7707, ext. 219, or register online now.

Don't Miss the Next Two Meet the Legislative Leaders Briefings: April 17 in Central Jersey and April 25 in North Jersey—NJBIA Meet the Legislative Leaders breakfasts will continue with Central Jersey legislators on Tuesday, April 17, at Forsgate Country Club, Monroe Township, and North Jersey legislators on Wednesday, April 25, at the Holiday Inn in Newark.

The panel discussion at the Central New Jersey event will feature Senate Health Committee Chairman Joseph Vitale, Senate Republican Leader Leonard Lance, Assembly Deputy Speaker John Wisniewski and Assembly Republican Conference Leader Peter Biondi.

The North Jersey event will feature Senator Joseph Doria, vice chairman of the Senate Economic Growth Committee, Assembly Republican Leader Alex DeCroce, Senate Republican Whip Tom Kean, Jr., and Assembly Majority Conference Leader Joan Quigley.

Each event will begin at 7:30 a.m. with registration, breakfast starts at 8:00 a.m. with an overview by NJBIA of major legislation affecting employers, followed by the panel of legislative leaders who will offer their thoughts and answer your specific questions. These are also great networking events. The program will end at 10:00 a.m. The cost is $69 per person per event for NJBIA members, $105 for nonmembers. For more information or to register, contact Katie Wittkamp at 609-393-7707, ext. 239.

NJBIA-Merrill Lynch Economic Forum: CEOs Speak Out, May 4—NJBIA has teamed up with Merrill Lynch to bring you the NJBIA-Merrill Lynch Economic Forum: CEO's Speak Out. The Forum will bring together some of the State’s leading business people to talk about the direction of New Jersey's economy and some of its major industries.

This early morning event will feature a keynote address by Michael Santoli, Associate Editor for Barron's, The Dow Jones Business and Financial Weekly followed by a panel of industry leaders including Douglas Conant, President & CEO of Campbell Soup Company; William Marino, President & CEO of Horizon Blue Cross Blue Shield; and Ara Hovnanian, President & CEO of Hovnanian Enterprises.

The Forum will be held at the Sheraton at Woodbridge Place, Iselin from 8:30-11:00 a.m. The cost is $69 per person for NJBIA members and $105 for nonmembers. For more information, contact Sherry Esteves at 609-393-7707, ext. 219, or register online.

Taking Charge of Your Workers’ Comp Costs: Employer Safety Strategies That Work, May 16—This half-day seminar will be held at the Pines Manor, Route 27 in Edison. It will feature a panel of business owners who have successfully lowered their workers’ compensation insurance premiums by improving safety at their workplace. They will share their success stories and offer real-world solutions that have already been proven to be effective in reducing costs.

Registration and continental breakfast begin at 8:30 a.m. The program runs from 9:00 a.m. – 12:15 p.m. The cost is $109 per person for NJBIA members, $139 for nonmembers. For more information or to register, contact Katie Wittkamp at 609-393-7707, ext. 239.

New Good Neighbor Awards Advertising and Sponsorship Opportunities—The New Good Neighbor Awards annually recognize the best and most exciting commercial and industrial development projects in the State of New Jersey.

Capitalize on the high visibility of this prestigious award by taking advantage of the Advertising and Sponsorship opportunities we are offering for 2007.

• Co-sponsor the June 1, 2007 luncheon honoring the winners.

• Advertise in the June 2007 issue of New Jersey Business Magazine.

• Maximize your visibility and save money by signing up for both.

For more information on sponsorship contact Sherry Esteves at 609-393-7707, ext. 219. For more information on advertising opportunities, contact Vincent Schweikert at 973-882-5004, ext. 110.

Raise Your Visibility. Become an Event Sponsor—Golf & Tennis Day. NJBIA's Meet the Decision Makers series. First-rate events like these offer your company an excellent opportunity to reach their target audiences and heighten their visibility as an event sponsor. Learn more about becoming an NJBIA sponsor online or contact Sherry Esteves at 609-393-7707, ext. 219.