To address the New Jersey's long-term fiscal crisis, state Republicans have proposed a series of structural reforms designed to gradually put the state’s budget back on sound fiscal footing. These reforms include:-Enacting a strong budget cap.
-Allowing only recurring revenues to be used for balancing the budget.
-Mandating continuous audits of state agencies/departments.
-Requiring a two-thirds vote of the Legislature for any tax increase.
-Making it much harder to borrow without t voter approval.
-Creating Initiative & Referendum.
Republicans have called for consolidating and streamlining all of the state’s economic development activities and putting them under the control of the Economic Development Authority while reforming the Business Employment Incentive Program (BEIP) to restore its original incentives to businesses that locate in the Garden State.
Republicans propose establishing a preference program for New Jersey businesses under government contract law that expands on the current 25 percent set-aside, extending the urban transit hub tax credit program to all towns, moving to a single sales factor for manufacturing businesses, and repealing the throw-out rule so that the state won’t tax income earned outside New Jersey.
“The only long-term solution to our budget problems is to grow the economy,” said GOP Senate Leader Tom Kean (pictured). “We need to act now to let businesses know that we will work with them as partners in making New Jersey more prosperous and progressive.”
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