M E M O R A N D U M
TO: Members of the New Jersey Senate
FROM: Christina M. Renna, Senior Vice President, CCSNJ
RE: Support for S-2345 (Bucco/Singleton)
DATE: December 17, 2018
The Chamber of Commerce Southern New Jersey (CCSNJ) supports S-2345 (Bucco/Singleton), which would expand the scope of the New Jersey Regulatory Flexibility Act to include the impact of rules on small businesses.
The Chamber supports requiring state agencies to use the consolidation or simplification of compliance or reporting as an approach to minimize a rule’s impact on small businesses. Further, by giving small businesses the authority to file a petition with state agencies objecting to all or part of a regulation, the true impact of new regulations can be assessed more thoroughly and accurately. This appeal process gives small businesses a voice concerning how new rules and regulations financially impact their business and make everyday operations more difficult.
In the past, the CCSNJ has testified to the challenges of owning a small business and operating it profitably. In the Small Business and Entrepreneurship Council’s 2018 Small Business Policy Index, New Jersey was ranked 49th in terms of its environment for entrepreneurship – a position of second to the last only beating California. Further, the Tax Foundation’s 2018 State Business Tax Climate study once again ranked New Jersey last in terms of its overall business tax climate. These two studies reflect the cost of doing business and other challenges to operating a profitable small business in New Jersey.
With small business accounting for a large percentage of the economic landscape, it is essential that state agencies explore alternative regulatory approaches in order to minimize the economic impact of rules and regulations on small businesses, while still satisfying the regulatory objective.
Thank you for the opportunity to voice our support for this legislation, and we urge members of the Committee to vote yes on S-2345 (Bucco/Singleton)