For the nearly 400 people who attended NJBIA’s ELC Reception on Tuesday night, there was a singular message delivered by Republican gubernatorial candidate Jack Ciattarelli and Democratic candidate Mikie Sherrill:

The business climate in New Jersey will be much improved under their respective leadership than is currently being experienced by the state’s job creators.

For Congresswoman Sherrill, a former Navy helicopter pilot, there was the promise of reducing red tape for business, lowering energy and healthcare costs and quickening the speed at which businesses can get needed licenses.

For Ciattarelli, the former state assemblyman and entrepreneur, there was the pledge of lowering, and in some cases eliminating, business taxes, a reduction in regulatory burdens and the addition of small-staffed departments within his administration, for commerce and energy, which businesses would greatly benefit.

“One of my primary objectives is to make New Jersey a better place to do business,” Ciattarelli told the crowd assembled at the Palace in Somerset. “I do not want to be the governor of a state that’s ranked year-over-year as one of the worst places in the country in which to do business.

“In the old days, businesses would look primarily at two things — taxes and regulations. Today, they look at four things: Taxes, regulations, labor pool, and energy. And to be quite candid, we’re sucking wind in all four.”

“We need to take bold action to make our state more affordable by lowering the cost of housing, the cost of utilities, and the cost of healthcare,” Sherrill said. “We need to boost economic opportunities by reducing bureaucratic barriers and red tape. We need someone who is willing to lead on innovative ideas and answer only to the people of New Jersey.

“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. I’m running for governor to make our state the leader in advanced technology research, development, and applications once again.”

Sherrill noted the most recent CNBC ranking showing New Jersey ranking 44th for the cost of doing business and 48th for business friendliness.

“I don’t have to tell all of you here those numbers because I know many of you have talked to me about your problems and issues trying to navigate our state,” she said. “It’s unacceptable and I will change it as governor.”

STATEHOUSE PATH

Sherrill, representing New Jersey’s 11th District, was what many felt was a soft frontrunner in the Democratic primary, which featured six prominent candidates.

But she wound up winning quickly and big, closing with about 34% of the vote, about 13 percentage points higher than Newark Mayor Ras Baraka. She was declared the winner by the Associated Press about 40 minutes after the polls closed.

Ciattarelli, running for governor for the third time, was definitely the decided front runner on the Republican side, which also featured contenders Bill Spadea and Senator Jon Bramnick. Ciattarelli received the endorsement of President Trump with about a month left in the race and scored nearly 68% of the Republican vote, winning all 21 counties simultaneously.

Ciattarelli noted to the crowd that there is a “fiscal calamity around the corner,” and that two-term Gov. Phil Murphy’s inclination for the past seven-plus years was to “tax his way out of the challenges we face.”

Specific proposals he made to the business community to save taxes at the ELC Reception included lowering New Jersey’s Corporation Business Tax, currently the highest in the nation at 11.5% for top-earning companies. Ciattarelli proposed reducing the CBT1% a year over a six-year period to better compete with Pennsylvania, which is on a path to a 4.99% corporate tax rate.

He also vowed adoption of Delaware’s bylaws for corporate governance – a boon for corporations – and making the gain on the sale of IPO stock tax free if the business is headquartered in New Jersey.

For small businesses, Ciattarelli wants to make the first $100,000 earned by a small business tax free, as well as the first $100,000 of payroll exempt from the payroll tax. He also wants to make the sale of a sole proprietorship tax free.

While Sherrill did not mention tax cuts as part of her business agenda, she said savings could be found through a more robust state Business Action Center that would work collaboratively with “owners of all size businesses to help cut through red tape and make it easier to set up shop here.”

“When a business is applying for a permit, they should have every step of the process and the agency’s progress on that step available to them in an online dashboard,” Sherrill said. “They should be able to make sure that they have transparent and enforceable deadlines in this state.

“I’m committed to this transparency and efficiency, which will lower costs and reduce delays. I’ll also ensure that business leaders like yourselves always have a seat at the table when major business decisions are made,” Sherrill said.

BLUEPRINT INTRODUCED

Employer Legislative Committees were established by NJBIA in 1959 as independent, local organizations representing all 21 counties, to discuss important issues pertinent to business.

Traditionally, the NJBIA ELC is the first post-primary gubernatorial event where both candidates speak to the business community.

“NJBIA is proud to continue our 60+ year tradition of presenting the gubernatorial primary winners for their first joint presentation following the primary,” NJBIA President and CEO Michele Siekerka said. “We thank the candidates for making this stop on their campaign trail a priority. It’s definitely an indication that the business community and New Jersey’s job creators are important to their campaign.”

The ELC reception also represented an opportunity for NJBIA to present, for the first time, its 2025 Blueprint For A Competitive New Jersey, a 28-page document intended to serve as a strategic plan geared toward more affordability and economic excellence in New Jersey for the next governor, state, county, and local policymakers, job creators, the media and the general public.

“We are equally proud to present our Blueprint for a Competitive New Jersey to the candidates,” Siekerka said. “This policy document is a roadmap to a more affordable and regionally competitive business climate and puts New Jersey business at the center.

“If the next governor even adopts parts of this plan, our job creators will be better off under their administration and leadership,” Siekerka said.