The measure will go into effect in three months, providing business owners time to transition to the new restrictions.

The move increases the annual cap from $75 million a year to $100 million a year and extends the initiative until 2028.

Both the Murphy administration and legislative leaders have promised to avoid raising prices for passengers of the beleaguered state transit system and said they will instead come up with funding elsewhere in the budget.

The six-bill package aims to curtail businesses from illegally identifying workers as freelancers in order to avoid taxes and other employee protections.

“We chose to base our operations in the Garden State because of its strategic location at the center of the Northeast Corridor, its proximity and easy access to ports throughout the region, its first-rate infrastructure and its dynamic workforce within the state,” said Shawnee Trucking Co. founder Balram Laa.

The 84-page report from a Murphy-appointed task force also alleges that South Jersey powerbroker George Norcross provided “inaccurate” testimony to lawmakers at a Senate committee hearing in November 2019.

Federal Reserve Bank of Philadelphia President and CEO Patrick Harker spoke Jan. 14 at the NJBankers Economic Leadership Forum in Somerset on Jan. 17.

The Senate President's sentiment echoed the reaction of the business community from earlier this week.

The 84-page report highlights a culture in the NJEDA of "getting to yes," even if the agency could not determine whether applying companies were at risk of leaving the state.

In 2017, a 12-member group Gov. Chris Christie convened two years earlier issued a list of recommendations to universities on curtailing assault on campus. This week, Gov. Phil Murphy signed a measure to create a new body to continue that work.

The governor originally put $235 million on hold from the state's 2020 spending plan in June 2019, amid opposition from lawmakers.

The program will focus on eight industries: life sciences, information technology, clean energy, advanced manufacturing, transportation and logistics, food and beverage, finance and insurance, and film and digital media.