Governor Jon Corzine told 400 business leaders on June 20 that growing the economy remained at the top of his administration’s agenda and reiterated his desire to work with businesses, even if they disagreed with him on certain issues like paid family leave. Corzine delivered the keynote address at the State Dinner of the Employer Legislative Committees of New Jersey, which also featured US Attorney Christopher Christie. The event was sponsored by Bank of America New Jersey, and Ann Limberg, president of Bank of America New Jersey, served as dinner chair.

Corzine began the night highlighting his administration’s probusiness accomplishments: implementing an economic growth strategy, cutting business taxes by $370 million in his first 18 months and a budget this coming year that has no new taxes or fees. He pointed out that under his administration, New Jersey’s unemployment rate was lower than the national average and the State won high marks from organizations like the Kauffman Foundation, which ranked New Jersey 2nd in the nation in advancing its economic transformation.

But Corzine made it clear that he was at the beginning, not the end, of his economic development efforts. “We have a full agenda ahead of us,” he said. “We’re not done.”

One of his biggest concerns is finding revenues for the big-ticket infrastructure projects New Jersey needs, such as highways, schools, and mass transit. He said he was developing an asset monetization plan (leasing a portion of an asset such as the turnpike to an entity in return for a large up-front payment). He said it was the best hope to be able to invest in the future and urged business to keep an open mind on the idea.

Corzine also affirmed his support for legislation imposing a paid family leave mandate in New Jersey businesses—legislation that is opposed by NJBIA. Speaking before the AFL-CIO the week before, Corzine urged the Legislature to send him a paid family leave bill by the end of the month. “I know there is a difference of opinion, but I don’t want to say at the AFL-CIO conference that I’m in favor of paid family leave and then come (to the ELC dinner) and not have you know where I stand.”

In her remarks, Limberg praised the local county ELCs and their participants for the time and effort they put into building better communities. “Working closely with our local communities yields the best results,” Limberg said. “This is true whether it’s a local bank branch providing families and businesses with new financial opportunities, or local businesses working with government officials to foster the kinds of policies that will ensure prosperity for the future.”

Limberg presented Christie with the first-ever ELC distinguished service award. Christie is the first speaker to attend each of the 17 County ELC meetings at least once. In his remarks, Christie indicated that while he had talked at length about public corruption at the county ELCs, he wanted to discuss two other critical issues his office works on—terrorism and gang violence. He said in his view, New Jersey is “under seige in this State…from the potential of both external attack and internal attack that eats at the very core of the quality of life that we want to have…”

ELCs are the grassroots affiliate of NJBIA. Seventeen ELCs representing all 21 New Jersey counties meet monthly over either breakfast or lunch with local elected representatives or government officials to discuss issues impacting local businesses. To learn more about the ELCs, contact at ext. 225.

State Budget Passes Both Houses Well Before Deadline—Determined not to have a repeat of last year’s budget standoff, legislators gave final approval to the $33.5 billion State budget on June 21, a full nine days before the constitutionally imposed July 1 deadline. Several related bills designed to enhance collection of existing taxes were also passed, along with a long list of other legislative priorities during a marathon voting session. The Legislature is not expected to return to Trenton until after the November elections.

NJBIA supports the budget because it does not raise taxes and fees. In fact, the budget eliminates the double taxation of S corporations and maintains the tax savings from repeal of the alternative minimum assessment and reinstatement of net-operating-loss deductions, for a total of $275 million in tax reductions.

Legislators are hoping to increase the collection of existing taxes by enacting several measures designed to enhance compliance. S-3001 (Turner)/A-5002 (Burzichelli) would allow the NJ Division of Taxation to request information on joint accounts of suspected tax debtors and require companies to notify Taxation at least 10 days before the bulk sale of company assets so the agency can check the company’s tax liabilities. NJBIA opposes requiring financial institutions to provide information on tax debtor joint accounts where the tax debtor acts as a financial fiduciary. NJBIA supports the “bulk sales” amendment that protects purchasers of business assets from prior seller tax liabilities.

Legislators also gave final approval to S-3003 (Turner)/A-5003 (Burzichelli, Vas), which would require participants in various State incentive programs to be up-to-date on any taxes owed. This would impact companies participating in the Business Employment Incentive Program (BEIP), Business Retention and Relocation Assistance Act Grants (BRAAG), and workplace training programs, among others. For more information, contact at ext. 247.

Expansion of Wrongful Death Lawsuits Released from Committee—Legislation that would expand how much plaintiffs could receive in wrongful death lawsuits and expand the number of people who can sue was released June 14 by the Assembly Financial Institutions and Insurance Committee. NJBIA opposes the bill, A-1511 (Oliver, Greenstein), because the expanded damages and litigation could result in increased insurance premiums for employers for automobile insurance, product liability, general liability and medical malpractice insurance. For more information, contact at ext. 260.

Attend NJ Cultural Treasures Symposium, June 25—Hear Secretary of State Nina Mitchell Wells speak at "Investing in Our Cultural Treasures & Destinations = Economic Vitality," a symposium held by the NJ Department of State, NJ Historical Commission, NJ State Council on the Arts, and co-sponsored by NJBIA. Discover how State leaders have built more vibrant communities through investing in the arts, history and culture, and learn how you can access tools and resources to realize economic benefits for your community. Admission is free. Reserve your seat or learn more about the event.

Reserve Your Tee Time for NJBIA Golf & Tennis Day, July 17—NJBIA will hold its 37th Annual Golf & Tennis Day at Forsgate Country Club in Monroe Township (exit 8A - NJ Turnpike). The event is one of the State's major business outings, attracting over 250 golfers each year.

Download our registration form or contact at 609-393-7707, ext. 219, for more information about sponsorship.

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 at 609-393-7707, ext. 219.