Joanne Degnan

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Atlantic Shores Says Offshore Wind Project Continues Despite Shell’s Exit

2 months ago | njbia.org | Joanne Degnan

Atlantic Shores, which has federal approval to build two offshore wind farms off the coast of Atlantic City, says it remains committed to delivering New Jersey’s first offshore wind project even though its partner in the venture, Shell, is exiting and writing off its $1 billion investment.
EPA Ban on Use of 2 Chemicals Delayed Until at Least March 21

2 months ago | njbia.org | Joanne Degnan

The U.S. Environmental Protection Agency has announced a delay in the implementation of its rule banning two chemicals used in manufacturing and commercial processes in accordance with the president’s executive order “Regulatory Freeze Pending Review.”According to a notice in the Federal Register, the EPA’s new implementation date for the ban on trichloroethylene (TCE) and phased-in ban on perchloroethylene (PCE) is March 21.
BLS Releases Data on 2024 Wage and Benefit Costs

2 months ago | njbia.org | Joanne Degnan

Employee compensation costs, which include both wages and benefits, increased 3.8% for U.S. workers for the 12-month period that ended in December 2024, the U.S. Bureau of Labor Statistics reported on Friday. The percentage increase was slightly less than the prior year, when compensation costs increased 4.2% for all workers during the 12-month period that ended in December 2023.
Senate Committee Advances Bill Modifying School Funding Law

2 months ago | njbia.org | Joanne Degnan

The Senate Education Committee amended and advanced legislation Thursday that changes the state’s school funding formula to provide districts with greater funding predictability from year to year without removing the 2% tax cap that protects taxpayers from huge property tax hikes. NJBIA Vice President of Government Affairs Althea D. Ford testified in support of the amended legislation, S-3917, sponsored by Senate Education Chairman Vin Gopal (D-11). The committee released the bill by a vote of 3-2.
NJBIA Supports Financial ‘Stress Test’ Bill Approved by Senate

2 months ago | njbia.org | Joanne Degnan

The Senate voted on Thursday to approve a pro-taxpayer bill, supported by NJBIA, that would require the state to stress test its financial ability to maintain services under various economic conditions. The bill, S-1411, sponsored by Sen. Troy Singleton (D-7) passed by a vote of 37-0.
Report: Average Year-End Bonus Up 2% in 2024

2 months ago | njbia.org | Joanne Degnan

The average year-end bonus increased 2% in 2024 compared to 2023, according to a recent report from Gusto Insights, the research arm of a technology company that provides payroll services for over 400,000 U.S. businesses. The average year-end bonus for all employees was $2,503 in 2024 compared to $2,447 in 2023, according to the data.
Federal Funding Freeze Rescinded after Nonprofits, AGs Sue

2 months ago | njbia.org | Joanne Degnan

The Trump administration said Wednesday it had rescinded its controversial freeze on federal funding that could have potentially impacted nonprofits, small businesses, manufacturers, universities, healthcare, transportation and many other job creators. The U.S. Office of Management and Budget issued a two-sentence directive stating it had rescinded its Jan. 27 memo, which had sparked lawsuits by nonprofits, small business advocacy organizations and nearly half the nation’s attorneys general.
Seniors Can Apply for 3 Senior Property Tax Relief Programs in February

2 months ago | njbia.org | Joanne Degnan

New Jersey residents aged 65 or older and disabled homeowners will soon be able to apply for three state property tax relief programs – Senior Freeze, ANCHOR, and the forthcoming StayNJ – by filling out a single application, state Treasury officials announced Wednesday. The application will become available online in mid-February at www.propertytaxrelief.nj.gov. The Division of Taxation will also send the new combined application, known as the PAS-1, to over 1 million households by early March.
RVCC to Host Event Focusing on AI and the Future of Business

2 months ago | njbia.org | Joanne Degnan

Raritan Valley Community College’s Business and Public Service Department will host “AI and the Future of Business: Strategies, Investments, and Opportunities,” on Feb. 11. The event, which takes place from 1 p.m. to 3 p.m. at the college’s Branchburg campus, is free and open to the public.
Retailers Expect Record Valentine's Day Sales

2 months ago | njbia.org | Joanne Degnan

Consumers are expected to spend a record $27.5 billion on Valentine’s Day this year, according to the annual survey released Tuesday by the National Retail Federation and Prosper Insights & Analytics. The amount is up from last year’s $25.8 billion and even above the previous record of $27.4 billion set in 2020. Shoppers plan to spend $188.81 on average on the holiday, up from $185.81 in 2024.