NJBIA 2020 Business Climate Analysis Shows NJ Remains Worst in Region

on Eve of FY2021 Budget Proposal

On the eve of Gov. Phil Murphy\’s budget address that is expected to call for more unnecessary tax increases, NJBIA released its updated 2020 Business Climate Analysis showing New Jersey has the least competitive business climate, with the highest

corporate tax, state sales tax, income tax and property taxes in the region.

NJBIA analyzed six individual business cost drivers in seven states and determined New Jersey ranks at the bottom overall behind Massachusetts, Connecticut, New York, Pennsylvania, Maryland and Delaware.

The graphic can be found

here

\”Once again, New Jersey is dead last on overall regional competitiveness and affordability,\” said NJBIA President & CEO Michele N. Siekerka, Esq. \”The only way for New Jersey to turn this situation around is with comprehensive reforms that are long-term and sustainable, not more tax increases and short-term fixes that only get the state through the next one-year budget cycle or two-year election cycle.

\”It\’s our hope that Tuesday\’s budget address starts addressing some of these issues.\”

NJBIA\’s annual Regional Business Climate Analysis, prepared by Director of Economic Policy Research Nicole Sandelier, observes six factors that affect business competitiveness — minimum wage, top income tax rate, top corporate tax rate, state sales tax rate, top unemployment tax rate and property taxes as a percentage of income — to see how New Jersey stacks up against six states in the region.

Each state\’s rates are compared and scored from 1 (least competitive) to 7 (most competitive).

New Jersey\’s overall business climate score (16) was the weakest for the third straight year. Once again, Delaware (31), Maryland (30), and Pennsylvania (28) were ranked first, second and third. New York\’s overall score (23) improved 1 point from 2019 to secure fourth place, while Connecticut (22) dropped 1 point this year to finish fifth behind New York. Massachusetts (20) ranked sixth both years.

Compared to the six other states, New Jersey had the highest top income tax rate (10.75%), top corporate tax (10.5%), state sales tax (6.625%) and property taxes paid as a percentage of income (5.05%). This is on top of New Jersey\’s onerous regulatory climate and challenges in supporting an innovation ecosystem seen in some other regional states.

Last week, Senate President Steve Sweeney announced a proposal to not sunset a corporate business tax hike that was to end in 2022. The current top corporate tax rate is the second highest in the nation.

\”Misguided proposals that expand New Jersey\’s income tax, raise the state sales tax, maintain our our corporate business tax as a national outlier, and ignore the issues that drive high property tax rates would only worsen our business climate,\” Siekerka said. \”New Jersey needs a more competitive economy, not just for the businesses operating here and their executives, but for the middle-income employees who depend on these businesses for their livelihood.\”

Siekerka noted some special interest groups are already lobbying for a budget that increases and reinstates several different taxes in order to fund $3.1 billion in additional state spending in the FY 2021 year that begins on July 1 — even though state tax revenues are currently running well ahead of projections and 6% above the same seven-month period in the previous fiscal year.

\”New Jersey\’s challenges won\’t be solved with more taxes and more spending,\” Siekerka said. \”What\’s needed are structural budget reforms that address New Jersey\’s long-term debt and the state\’s unsustainable spending on platinum-level public employee healthcare plans and pensions. Pension and benefit reform will allow New Jersey to spend more on important public policy priorities such as education and transportation.\”

According to NJBIA\’s analysis of audited state revenues, expenses and debt found in New Jersey Comprehensive Annual Financial Reports, state revenues increased 23% from 2007-2017, while state expenses have increased 45% and state debt increased 382% during the same period.

CNB BUSINESS NEWS

CNB Business News: Ongoing Commitment to Service Earns Agents 2019 Quality Service Pinnacle Award

Madison, NJ (Grassroots Newswire) February 24, 2020 — Century 21 Real Estate LLC recently recognized the following sales affiliates with the CENTURY 21 Quality Service Pinnacle Producer Award. The annual award is based on results from the CENTURY 21 Quality Service Survey (QSS) which is e-mailed to consumers immediately after the purchase or sale of a home. To earn the

CENTURY 21 Quality Service Pinnacle Producer Award, an agent must receive completed customer surveys for at least 50 percent of their transactions surveyed from January 1 – December 31, with an average survey score of at least 95 percent or better for 2 consecutive years.

* Jitka McCabe, of CENTURY 21 Alliance, of Mantua, New Jersey, will receive a customized glass trophy, in addition to being recognized at the CENTURY 21 Global Conference. For more information, Charles Meyer can be reached at (609) 654-8797 or

chuckmeyer@century21.com

* Andrea Schoelkopf, of CENTURY 21 Rauh & Johns, of Sewell, New Jersey, will receive a customized glass trophy, in addition to being recognized at the CENTURY 21 Global Conference. For more information, Joseph Rauh can be reached at 856-582-0366 or

jrauhc21@aol.com

\”The Quality Service Pinnacle Producer Award is an integral part of our brands commitment to excellence and recognizes their dedication to making each and every client interaction a positive one,\” said Mike Miedler, chief executive officer of Century 21 Real Estate LLC. \”They provide their clients with knowledge and advice related to their real estate transaction and offers them confidence during what may be the most significant purchase of a lifetime.

About Century 21 Real Estate LLC

Century 21 Real Estate LLC is comprised of approximately 11,500 independently owned and operated franchised broker offices in 84 countries and territories worldwide with more than 131,000 independent sales professionals. Century 21 Real Estate has numerous websites to help answer specific consumer needs. They are

century21.com

century21Global.com

commercial.century21.com

century21.com/finehomes

, and

century21espanol.com

©2020 Century 21 Real Estate LLC. All Rights Reserved. CENTURY 21®, the CENTURY 21 Logo and C21® are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.

CNB BUSINESS NEWS

Camden County Environmental Center Make & Take: Propagation 101

When: Wednesday, April 1, 2020

Time: 7:00pm-8:30pm

Cost: $20 per person

Information:

Join us and learn to make more plants from the ones you already have or just purchased! This session will explain basic propagation methods. Each participant will have hands-on experience in taking cuttings from a selection of plants and you will be taking your newly propagated plants home.

Place: Camden County Environmental Center 1301 Park Blvd., Cherry Hill NJ 08022

Tickets may be purchased through Eventbrite: Search event name within the Eventbrite site to locate this Make & Take event. Or via

mastergardenerscamdencounty.org/events

. Registration is required. Additional information, if needed, please contact Becki Szkotak at 856-216-7130 prompt 4.

CNB Business News: 20 Digits Establishes Executive Team in Preparation for National Expansion

GLOUCESTER CITY, NEW JERSEY—February 24, 2020—20 Digits, a start-up developing innovative solutions for the integrated facilities management (IFM) industry, has named Scott Dickson as Chief Technology Officer amid a

year of strategic expansion. 20 Digits is a subsidiary of

NEST

, the

Scott Dickson to guide the start-up’s growth as Chief Technology Officer

integrated facilities management consultant and analytics solution serving enterprises in the United States and Canada.

“As an organization, we recognized just how important technology is for an IFM program,” said Rob Almond, Chief Executive Officer of NEST. “Though 20 Digits was originally established to fill that need and develop solutions for IFM, it quickly exceeded our expectations. Now, with Scott leading the group, I have full confidence 20 Digits will expand as a company just as it grew its initial offering.”

In his new role, Dickson will be responsible for overseeing the continued expansion of 20 Digits, as well as development, product management, infrastructure and security for the existing platform offering.

Dickson joined 20 Digits from multinational retailer David’s Bridal after 15 years. During his tenure, Dickson was responsible for introducing DevOps practices built upon Amazon Web Services in order to deliver cloud-native services into a complex ecosystem with aging technologies.

“I’m thrilled to be helping 20 Digits on the next leg of its journey,” said Dickson. “IFM is an industry that’s ripe for tech innovation. We have the opportunity to save clients a lot of money and solve issues they haven’t even identified yet.”

###

About 20 Digits

20 Digits Technology is a provider of technology solutions for the integrated facilities management (IFM) industry. Comprised of a team of technology veterans but maintaining the agility of a start-up, 20 Digits is developing cost-saving solutions for enterprises with multiple large-scale brick and mortar locations, including those with robust digital experiences. A subsidiary of NEST, the leading IFM solutions provider, 20 Digits is driven to provide next-generation solutions that are both innovative and secure. For more information, visit

http://20digitstechnology.com/

CNB BUSINESS NEWS