The New Jersey Business & Industry Association (NJBIA) announced its opposition to the Climate Superfund Act, S-3545, and proposed amendments that are scheduled for a vote in the Senate Budget & Appropriations Committee. The association argues that the legislation would negatively affect New Jersey’s two remaining refineries, consumers, and the broader business community.
The bill seeks to impose retroactive penalties totaling tens of billions of dollars on companies that have provided fossil fuels in New Jersey. Proposed amendments would change the bill’s name, increase potential liability to $50 billion, and offer what is described as a liability exemption for state refineries.
Ray Cantor, NJBIA Deputy Chief Government Affairs Officer, stated: “The proposed substitutions of this bill do not change our opinion on it in any way, shape or form.” He added: “The refineries that are supposedly exempted, of which we only have two remaining in New Jersey, are still very much exposed to damages. The language semantics does not change the fact that the bill will still have enormous financial impacts to those companies, which contribute $8.4 billion to the national economy, pay $1.4 billion in state and local taxes, pay $4 billion in labor income, and support 35,700 jobs in the state.”
Cantor warned that if enacted into law, residents could see significant increases at gas stations and businesses could face new financial risks due to possible retroactive penalties for providing legal products. He said: “This bill remains completely unjust and likely unconstitutional. We wholly reject the changes and continue to urge the Legislature to either vote ‘no’ on the bill or drop it altogether in lame duck.”
Earlier this week, more than 100 organizations signed a letter from the New Jersey Business Coalition addressed to all members of the Legislature outlining concerns about affordability issues for residents and businesses, negative effects on jobs and economic activity, perceived unfairness of retroactive penalties even when complying with existing laws, and worries about discouraging investment.
NJBIA represents employers across multiple sectors throughout New Jersey as part of its role as the largest statewide employer association in the country. According to its official website, NJBIA works to advance competitive excellence among its members by offering advocacy services as well as practical information designed to support business prosperity.
