Business groups are applauding Gov. Phil Murphy’s call in his proposed budget for no new taxes. And they support the governor’s intention to sunset the corporate-business tax surcharge at the end of this year. At the same time, they say the overall business tax rate in New Jersey is still too high.
New Jersey Chamber of Commerce President Tom Bracken said he wants to see a working capital grant fund for entrepreneurs and business owners, and believes the state should use some of its $10 billion surplus to replenish the Unemployment Insurance Fund. Echoing that, the NJBIA (New Jersey Business & Industry Association) said more should be done to address affordability for small and mid-sized businesses. And the Southern New Jersey Chamber of Commerce and the Commerce and Industry Association of New Jersey both raised concerns about the overall spending level of the proposed budget.
After facing criticism from lawmakers, drugmaker Eli Lilly said it’s cutting list prices for its most commonly prescribed forms of insulin by 70% and capping out-of-pocket costs at $35 a month. Under federal law, the price of insulin is already capped at $35 a month for Medicare patients.
