As New Jersey approaches the July 1 deadline for the finalization of the state’s $60.7 billion budget for fiscal year 2027, a new survey from the New Jersey Society of Certified Public Accountants (NJCPA) reveals a complex outlook from the state’s financial leadership. While finance and accounting professionals expressed approval for specific administrative initiatives, they also signaled growing concern regarding the state’s broader economic trajectory.
Surveying nearly 300 members between late May and early June, the NJCPA found that the state’s financial experts are largely in favor of the Sherrill administration’s recent efforts to streamline government and improve infrastructure. Key areas of support include:
- The Permitting Dashboard: A digital initiative designed to improve transparency and efficiency for businesses navigating state processes.
- NJ Transit Improvements: Continued investments in public transportation to enhance reliability and service levels.
- Financial Support Programs: Favorable reception of various grant and low-interest loan programs aimed at fostering business growth.
- Retirement and Regulatory Initiatives: Support for new employer-focused retirement savings programs and the proposed regulation of artificial intelligence (AI) data centers.
Despite these targeted successes, the business climate remains difficult. For the first time since the NJCPA began its tracking in 2016, “employee and benefit costs” surged into the top three concerns for businesses, joined by political volatility and unfriendly state and federal policies.
When asked how the state government could best support the business community over the coming year, respondents overwhelmingly prioritized:
- Reducing burdensome regulations (57% of respondents)
- Lowering the gas tax (40%)
- Cutting the corporate tax rate (37%)
The survey also indicates a pessimistic short-term outlook. Approximately 64% of respondents believe New Jersey’s economic conditions will worsen in the second half of 2026, a notable increase in negative sentiment compared to the 56% reported in the previous year.
“Data from our member surveys is an important indicator of the business landscape in New Jersey,” Aiysha (AJ) Johnson, CEO and executive director at the NJCPA said. “By representing thousands of business owners, leaders and individuals across the state, our members have an important read on everyday business decisions. We welcome the opportunity to be a resource for Governor Sherrill’s administration and the New Jersey Legislature.”
As the legislature debates the final $60.7 billion spending plan—which includes significant allocations for the pension system ($7.3 billion), K-12 education ($12.4 billion), and property tax relief programs like ANCHOR and Senior Freeze ($4.2 billion)—the insights from the state’s CPAs serve as a critical barometer for the business community’s needs.
