Permitting is too slow. Taxes are too high. Regulations are too cumbersome. Minority businesses are not being treated fairly. And energy issues are impacting everything.
All of this leads to a state that is not affordable for business — and non-competitive with neighboring states, Democratic candidate for governor Mikie Sherrill said Wednesday.
Sherrill, speaking at a New Jersey Jewish Business Alliance event, didn’t tell the overflow crowd anything they didn’t already know — but she did offer ways she intends to fix the problems.
Here’s a look at the plan she outlined in a short speech.
- Streamlining the business licensing process for new businesses: Sherrill said she will overhaul the state permitting process to reduce costs and delays that are holding major businesses back (this drew great applause)
Sherrill said she will create an online dashboard that shows every step of the process to the applicant and the agencies they are working with.
“I’ll also adopt enforceable deadlines that state agencies need to meet for every step,” she said. “My commissioners will collaborate to make this happen across departments. Frankly, it’s time for a whole-of-government approach.”
- Reducing taxes and fees: Sherrill indicated a way she can reduce the Corporate Transit Fee that was placed on the state’s largest companies.
“I’ll boost revenue for New Jersey Transit through transit-oriented development, better monetization of underused assets like parking lots and advertising on trains, so we don’t rely on the corporate transit fee,” she said.
She also said the state needs to be realistic about its structural deficit — and the Democratics history of relying on tax increases.
“I’m not afraid to break with my party and say it’s just too expensive to operate in New Jersey,” she said. “But we have to be realistic. Our state faces a large structural deficit, and Trump is now cutting $5 billion in federal funding from our budget. Massive taxes shouldn’t have to be the solution for our revenue shortfalls. Our increases in revenue must come from a dynamic economy that is growing and thriving.”
- Lowering energy costs: Sherrill said boost the state’s competitiveness by aggressively expanding our energy infrastructure and generation capacity by cutting through red tape to build and fast track new solar, nuclear and battery storage projects.
“I’ll modernize our existing energy infrastructure to boost efficiency and reduce emissions,” she said, acknowledging what she called “the important role” natural gas plays in the process and said she reverse a recent trend of the state retiring more power generation than it adds.
Sherrill also promised to take on PJM, the grid operator, saying its mismanagement has led to the recent massive raise in energy costs.
- Lowering child-care costs and adding more workforce housing: Sherrill said both issues are making it difficult for businesses to hire the workforce they need.
“New Jersey doesn’t have enough housing that is actually affordable for working families, and what we do build is simply too expensive,” she said. “As governor, I’ll reduce construction costs and delays by streamlining permitting and zoning. We’ll expand housing options that are affordable for families, like starter homes, and will expand assistance for first-time home buyers.
“For childcare, I’ll increase the number of available slots in our state by boosting funding for providers and training programs for workers. I’ll also expand tax credits for employers who provide child-care options.”
- Addressing inequities in state contracting: Studies show that underserved groups (Blacks, Hispanics, women, LGBTQ and veterans) get a minuscule number of state contracts that is not even remotely close to their percentage of the population.
“We know that minority owned businesses don’t have the same access to state contracts and are often left without a seat at the table,” she said. “As Governor, I’ll make the business Action Center more robust so it’s a meaningful resource for business owners. I’ll approve assistance for small business owners trying to navigate state permitting, and I’ll appoint an attorney general who will crack down on lending discrimination.”
Sherill told the audience she’s eager to take on these issues.
“Each of these challenges won’t be easy to solve, but I promise you today that I will work with you and take on anyone I have to to move our state forward,” she said.
“We’ve got a legacy to live up to, from Thomas Edison to Bell Labs, our innovation state has changed the course of history generation after generation, we’re now home to many world-class businesses, and we’re fortunate to be located between two major cities, operate a seaport at the center of international trade, enjoy miles of coastline and have the best schools in the nation.
“But I know when it comes to business and growing the economy, there is much more work to be done.”
