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September 17.2025
2 Minutes Read

Crisis in the Garden State: Business Tax Revenue Collapse Signals Serious Economic Risks

Speaker addressing New Jersey business tax revenue collapse issue

Understanding New Jersey's Business Tax Revenue Collapse

New Jersey is facing a serious alarm as recent tax revenue reports reveal a staggering collapse in business tax collections. The numbers for August 2025 have ignited widespread concern, particularly among policymakers and business leaders. The Corporation Business Tax (CBT), a crucial revenue source for the state, fell dramatically with negative collections of $38 million, a shocking 258.6% drop compared to last year.

The Impact of Business Taxes on the State's Economy

This catastrophic decline is compounded by the 23.1% drop in the Business Alternative Income Tax (BAIT), which also illustrates the rising challenges for businesses within the state. These two taxes, vital for New Jersey’s revenue structure, together indicate not just a seasonal dip but a deeply rooted economic concern. As the state struggles with a mere 1.3% growth in overall revenues, it's imperative to question what this means for future economic policies.

What Does This Mean for Business Growth?

The backdrop of this collapse paints a blurry picture for future investments and business innovations in New Jersey. With business tax revenues down 91% from the previous year, lawmakers could face tough decisions regarding spending and taxation. The current trend could mean fewer resources for essential community services, which highlights the importance of protecting and promoting business growth. Moreover, as highlighted by lighter revenue numbers early this fiscal year, this isn’t just an anomaly. Last year’s comparison paints a striking contradiction, where early-year collections appeared more promising, emphasizing today's alarming situation.

A Call to Action for Policymakers

Tom Bracken, president and CEO of the New Jersey Chamber of Commerce, urges state leaders to prioritize economic health over political expediency. Without a focus on bolstering the local business climate and creating incentives for economic growth, New Jersey risks losing its competitive edge. Ignoring these warning signs might lead to severe repercussions not only for businesses but for employees and families invested in the state's economic vitality.

As residents of New Jersey, it's essential to pay attention to these developments that will likely influence our daily lives. Advocating for improved business policies could help turn these worrying trends around, ensuring that local communities thrive in the future.

Entrepreneur Edge

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01.16.2026

Meet Jersey City’s New Leadership Team: Committed to Community and Change

Update The Future of Jersey City: A Leadership Team Built for Change Jersey City has a new mayor, James Solomon, and with him comes a fresh team of dedicated individuals ready to tackle the pressing issues facing the community. Just sworn in on January 15, 2026, Mayor Solomon is committing to substantial changes with an office that echoes the pulse of the city and promises to prioritize its residents. "From day one, this administration will be focused on delivering results for the people of Jersey City," Solomon stated with determination. Meet the Team: Diverse Backgrounds and Shared Goals At the helm of this administration is Chief of Staff Laura Bustamante, whose ethos is clear: it's about action, not titles. Bustamante emphasizes accessibility and dedication as she leads the team toward a more affordable Jersey City. Each appointed member brings a wealth of experience and local insight, critical for fostering community-focused governance. Among the leadership team is Isaac Smith, a passionate advocate for local resident welfare. As Senior Policy Advisor, Smith will leverage his history of community engagement to push for legislation that directly impacts residents' lives—particularly the affordability crisis that resonates with him personally. "The affordability crisis isn’t abstract to me; it’s my neighbors, my family, my community," he insists. Strategic Partnerships for Greater Impact Another key figure, Stu Thomas, serves as Senior Advisor for Inter-Governmental Affairs. His role revolves around cultivating relationships with various levels of government, a crucial task for ensuring that the mayor’s agenda translates into meaningful action. "Jersey City is strongest when working across partners at the local, county, and state levels," he explains, outlining his commitment to collaborative efforts that lead to real wins for residents. Organizational Efficiency: A Top Priority Kaitlyn Gavin, Director of Operations Scheduling, will focus on keeping the administration organized and accountable. Gavin, who played a pivotal role in Solomon's campaign, is eager to bring the same energy to her new responsibilities. "This administration made big promises to Jersey City, and we will ensure we’re efficient every single day to keep them," she stated firmly. Making Community Connections Michelle Pérez, as Aide to the Mayor and Special Projects Manager, emphasizes the importance of connecting with the community through effective project coordination. With previous experience in high-level government roles, Pérez aims to implement initiatives that not only meet governmental standards but are also tailored to the unique needs of Jersey City’s residents. Conclusion: A Commitment to Jersey City Residents The leadership assembled under Mayor James Solomon is a testament to the voters' desire for change. Each team member's dedication to their hometown is palpable and creates a narrative of hope and renewal for Jersey City. As they begin this journey, their collective experiences will be pivotal in shaping a future that is not only prosperous but inclusive for all community members. As Jersey City residents, embracing this new administration provides a chance to engage with local government and advocate for what truly matters—ensuring that the voices of all, including those from Sussex County, Andover Township, and beyond, are heard and valued. Together, we can support our community leaders in their quest to turn promises into action.

01.15.2026

Patrick Dunican's Transition: A Leap Forward for Connell Foley LLP

Update A Strategic Move for Connell Foley LLP In a significant transition in the legal landscape, Connell Foley LLP has welcomed Patrick C. Dunican Jr. as a partner in its corporate practice group. Dunican's rich experience as a former managing director and executive chairperson at Gibbons P.C. brings a wealth of knowledge and insight to Connell Foley. At Connell Foley, he will focus on law firm consulting, expert opinion, and risk management, positioning the firm to tackle today’s most complex legal challenges. Dunican's Impressive Legacy Dunican’s reputation as a "lawyer’s lawyer" stems from his 18 years at Gibbons, where he not only shaped the strategic vision but also navigated the firm through various economic cycles. His commitment to improving firm culture and client services has earned him recognition in prestigious legal circles, including listings in Best Lawyers in America and Super Lawyers. Contributions to Higher Education Beyond his corporate law expertise, Dunican’s contributions extend to higher education governance. As a former chair of Iona University’s Board of Legal Trustees, he played a vital role in its transition to university status, emphasizing his commitment to educational excellence. His involvement also includes a lengthy tenure on Seton Hall Law School’s Board of Visitors, further highlighting his dedication to nurturing future legal professionals. Growth and Collaboration The addition of Dunican to Connell Foley occurs during a pivotal time, coinciding with the firm’s strategic growth plans. Dunican states, “Connell Foley’s dedication to client service and its collaborative culture are closely aligned with my professional values, establishing an effective partnership for both existing and prospective clients.” His insights are poised to enhance Connell Foley’s capabilities, reinforcing its standing as a go-to firm for diverse legal services in Northern NJ. An Invitation to Engage As Connell Foley embraces this new chapter with Dunican's addition, stakeholders in Sussex County NJ and surrounding areas should stay tuned. Dunican’s comprehensive approach to managing complex legal challenges can significantly impact local businesses and legal entities, making it essential for community members to stay informed about developments in their local legal sector.

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Valley Health System’s New Chief Academic Officer: A Transformative Step for Medical Education

Update Valley Health System Welcomes New Chief Academic Officer Exciting changes are afoot in the Valley Health System as Reham Shaaban, DO, steps into the role of Chief Academic Officer. This pivotal appointment was made official on January 13, 2026, marking a significant milestone for the organization as it expands its medical education and research missions. A New Era in Medical Education Dr. Shaaban's role will involve overseeing the Valley’s Office of Academic Affairs, a growing department that includes several ACGME-accredited medical education programs provided in partnership with the Icahn School of Medicine at Mount Sinai. These programs range from residency training in internal medicine to obstetrics and gynecology, embodying a vision to redefine the region's healthcare landscape. Commitment to Excellence in Healthcare Under Shaaban’s leadership, Valley Health System aims to bolster its medical education framework, promoting faculty development, scholarships, and research initiatives. Robert Brenner, president and CEO of Valley Health System, emphasized that Shaaban’s extensive experience in academic medicine aims to integrate educational excellence into patient care, establishing a robust healthcare environment. Milestones and Achievements Dr. Shaaban joins Valley with over 17 years in leadership roles within academic medicine. Since her arrival in 2022, she has been instrumental in transforming Valley into an emerging academic center, indicating a long-term strategy for growth in teaching and research capabilities. Her accolades include prestigious awards from the Society of General Internal Medicine and American Medical Association, showcasing her impact on the medical education community. Future Collaborations and Initiatives Dr. Shaaban’s appointment reflects Valley's ongoing commitment to advancing its academic mission. She is excited about the possibilities of mentoring and supporting faculty while enhancing research that aligns with clinical priorities. With her leadership, Valley Health System is set to achieve important strides toward a future that prioritizes quality care, safety, and educational advancement. Bringing Innovation to the Community Jennifer, a local health advocate from Sussex County, NJ, expressed her enthusiasm, stating how such initiatives could inspire young people in the community to pursue careers in medicine. Programs like those led by Dr. Shaaban will not only enrich Valley Health System but are also vital for community resilience. As Valley Health System embarks on this new chapter, Dr. Shaaban’s leadership promises an exciting future for medical education and patient care, reinforcing the institution’s long-standing commitment to the health and vitality of the Northern NJ community.

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