NJCPA Supports Shared Services and EDA Small Business Assistance Bills
With New Jersey’s FY22 budget season beginning shortly, the New Jersey Society of Certified Public Accountants (NJCPA) strongly supports a bill that calls for shared services and potential cost savings for local and county governments.
Bill S-1, which cleared the Senate Budget and Appropriations Committee by a 12-0 vote on Feb. 11, represents a legislative effort to exercise much-needed fiscal discipline for the state with the highest property taxes in the nation.
Sponsored by Senate President Steve Sweeney (D-3) and Sen. Vin Gopal (D-11), the bill encourages shared service agreements and joint contracts through modification of the “Uniform Shared Services and Consolidation Act.” Some modifications also include civil service relief for shared service agreements.
The bill is part of the “Path to Progress” report, issued by the New Jersey Fiscal Policy Working Group in 2018.
The NJCPA continues to strongly advocate for the reforms in the report to remedy the state’s high debt load and excessive taxation on already overburdened New Jersey residents and businesses.
Additionally, the NJCPA supports bipartisan legislation, S-3457, that provides the state Economic Development Authority with $300 million for grants and loans to help small businesses and nonprofits rebound from the COVID-19 crisis. The bill was introduced Feb. 11 by , Senate President Steve Sweeney, Senate Minority Leader Tom Kean and Senators Dawn Addiego, Vin Gopal, Declan O’Scanlon and Michael Testa.
The bill would provide aid not only to small businesses and nonprofits that lost revenue during the economic shutdowns and slowdowns caused by the coronavirus crisis, but also to those whose business opening plans were disrupted by COVID-19 and those who fill vacant storefronts or under-utilized space with new operations.
The $300 million plan is essential to assist struggling small businesses and nonprofits whose recovery is critical to New Jersey’s economic growth.