Governor Takes Action on Several NJCPA-Supported Bills

 – January 12, 2024
Governor Takes Action on Several NJCPA-Supported Bills

On the last day of the legislative session, Governor Murphy took action on several bills that the New Jersey Society of CPAs supported.

Assistance Program Will Help Disadvantaged Businesses

Governor Murphy signed legislation on Jan. 8 that establishes a business assistance program designed to help socially and economically disadvantaged businesses obtain New Jersey government contracts in the following areas:

  • Construction, architecture and engineering
  • Professional services
  • Goods and services
  • Information technology services

The bill was supported by business groups, including the NJCPA.

School District Audit Deadline Extended

Legislation to extend New Jersey school district audit deadlines from Dec. 5 to Feb. 5, on a permanent basis, was conditionally vetoed to make the deadline Jan. 10 for a two-year pilot program. After the two years, the New Jersey Department of Education and the State Treasurer are to provide a report on the outcome of the pilot program and recommend whether to make the date change permanent.

The NJCPA Governmental Accounting and Auditing Interest Group, which drafted the bill, was disappointed with the revisions. However, they supported it in its revised form because it could lead to an extension on a permanent basis.

Professional Licensing Board Funding Bill Vetoed

An NJCPA-supported bill that would have required professional licensing boards within the New Jersey Division of Consumer Affairs to identify and implement best practices to effectively process license applications was vetoed by Governor Murphy on Jan. 8. The bill had also called for the reinvestment of the state’s licensure fee revenue into the Division so it could process and approve applications more efficiently. Licensure fees are intended to go towards funding of the boards, but a large portion is typically diverted to the state’s general fund. Most boards are underfunded, which creates staffing shortages as well as a lack of funding for modernization of technology.

The NJCPA is disappointed that this critically important bill was vetoed but will continue to lobby for more funding for boards.