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The basics:

• NJBIA hosts first post-primary forum for 2025 NJ governor race
• Ciattarelli pledges lower business taxes, regulatory reform
• Sherrill vows to streamline permitting, support child care
• Both candidates detail energy, economic plans

The great Garden State’s top business leaders heard from two candidates Tuesday evening, one of whom will serve as New Jersey’s next governor.

The New Jersey Business & Industry Association held its 2025 ELC Reception June 17 at The Palace at Somerset Park in Somerset. The event drew some 400 attendees for the chance to hear from candidates Jack Ciattarelli (R) and Mikie Sherrill (D) in their first post-primary, public forum.

The reception is a longstanding tradition once the gubernatorial primaries conclude. “After a very robust primary season in New Jersey, two victors arose – Jack Ciattarelli and Mikie Sherrill,” said Michele Siekerka, NJBIA president and CEO, at the start of the event. “Tonight, we’re honored to invite them to share their vision for New Jersey and what we can expect in their leadership as New Jersey’s next governor.”

Each candidate had 25 minutes on stage. The time included remarks as well as some questions from the business leaders and key stakeholders who were on-hand.

The American Dream

Ciattarelli, a Somerset County native, opened his speech reflecting on his family’s journey and their opportunity to achieve the American Dream here in New Jersey.

“I too have achieved the American Dream right here in New Jersey,” said Ciattarelli. “One of my primary objectives is to make New Jersey a better place to do business.”

Throughout his speech, Ciattarelli spoke about his family history and personal business experience. He criticized the state’s current leadership as he laid out his vision for economic reform, business-friendly policies, regulatory overhaul and urban revitalization.

Notably, Ciattarelli spoke about one of the state’s top hot-button issues – the corporate business tax rate. He pledged to lower the CBT 1% per year over six years to get the state on equal footing with neighboring Pennsylvania.

“We can do this,” said Ciattarelli. “We just need to set the right priorities.”

He also spoke about another pressing issue, which NJBIZ has extensively covered – energy. Ciattarelli called for the re-creation of a Department of Energy in New Jersey as well as laying out his idea of how to solve the current energy crisis.

“I’ve never been an advocate for wind. I believe it’s bad economics, bad energy policy and bad environmental policy,” said Ciattarelli. “Natural gas is a very rational bridge to the future – or whenever it is the future shows up. Whether that future is fusion energy, micro, modular nuclear, carbon capture, hydrogen cell – it will arrive. But until then, we need a rational transition to the future.”

Energizing competition

He again referenced Pennsylvania and how the state’s Democratic Gov. Josh Shapiro is burning coal and natural gas to produce electricity. Ciattarelli said that gives the Keystone State a leg up in the race to attract data centers needed to support AI, cryptocurrency and more.

“Do you or do you not want to compete?” Ciattarelli asked.

One of my primary objectives is to make New Jersey a better place to do business.
– Jack Ciattarelli, Republican gubernatorial candidate

His energy vision also called for the resignation of those who sit on the New Jersey Board of Public Utilities; bringing three or four natural gas plants online within a two-year period; and expanding the nuclear footprint in South Jersey. The candidate criticized NJBPU members for overcommitting to wind energy.

“I’m not opposed to solar – but I gotta go where we can produce the greatest amount of electricity in the most reliable way; in the most cost-effective way – to get these rates down,” said Ciattarelli, who ripped the Murphy administration energy policy for what he described as a pie-in-the-sky bet on offshore wind.

Other key items Ciattarelli mentioned include:

• Adopting Delaware’s bylaws for corporate governance
• Making the gain on the sale of an IPO stock tax-free if your headquarters is in New Jersey
• Making the first $100,000 of business income tax-free for small businesses
• Making the first $100,000 of payroll exempt from employer payroll taxes
• Making the gain on the sale of a sole proprietorship tax-free
• Re-establishing the Department of Commerce

“You heard me talk about reinstituting the Department of Commerce and it being partitioned along regions — North, Central, South and Jersey Shore — but also along businesses: large, medium and small,” he explained. “That’s how we’re going about this. And so South Jersey will have a direct line to the executive branch, and your businesses that want to process there will have liaisons to the various agencies of state government.”

‘A different path forward’

Sherrill opened her speech sharing her background as a sitting congresswoman, former Navy helicopter pilot, a former federal prosecutor and a mom of four teenagers.

“I learned in the Navy that you either lead, follow, or get out of the way,” said Sherrill. “And we have a lot of work to do here. I do not have time to slow down. So, here’s the thing you have to know about me. For my entire life, people have been talking a lot about things that are impossible to do.”

As she reflected on the obstacles overcome at different points of her career, Sherrill said she has never backed down.

“I’ve gotten to work. And it’s because of that that I have been able to get major priorities passed into law,” she said. “The Gateway Tunnel project, flooding remediation funds and cheaper prescription drugs for families. And I’m running now for governor because I love this state – but I know the challenges. I know the people here. I know the families.

“So, I know that we are ready to chart a different path forward here. We need to take bold action to make our state more affordable by lowering the cost of housing, the cost of utilities and the cost of health care. We need to boost economic opportunities by reducing bureaucratic barriers and red tape.”

Streamlining businesses services

Sherrill noted CNBC ratings ranking New Jersey near the bottom nationwide for cost of doing business and business friendliness.

“I don’t have to tell all of you here those numbers, because I know many of you have talked to me about your problems and issues trying to navigate our state,” said Sherrill. “It’s unacceptable – and I will change it as governor.

“I’m committed to streamlining and simplifying the state processes through which new businesses can receive their licenses. And I’ll overhaul the state permitting process to reduce costs and delays that are holding major projects like housing developments and energy projects back.”

Key items mentioned by Sherrill included:

• Investing to build a more robust Business Action Center to help cut through red tape and make it easier to launch
• Streamlining the permit process for businesses; having every step of the process and agency progress included in an online dashboard
• Making key investments in public schools and workforce systems, including in programs such as high-impact tutoring and registered apprenticeships
• A focus on increasing access to child care
• Building more homes, including additional commercial conversions and transit-oriented development

“On day one, I will bring my commissioners together and adopt a culture shift at state agencies that puts New Jersey residents first and businesses first. And prioritizes project approvals with the fewest delays and the lowest cost possible,” said Sherrill. “Perhaps, most importantly, I want to bring a level of collaboration and cooperation between our business community and Trenton that we have not seen in recent years.”

“I can’t promise you I’ll always agree with you,” said Sherrill. “But I absolutely pledge that I will always hear you out and engage in thoughtful discussions to reach balanced compromises.”

Perhaps, most importantly, I want to bring a level of collaboration and cooperation between our business community and Trenton that we have not seen in recent years.
– Mikie Sherrill, Democratic gubernatorial candidate

On that aforementioned energy issue, Sherrill (who recently penned an op-ed for NJBIZ about her plans) said she wants to build more solar on state properties as well as streamline permitting processes to lower energy prices. She said that solar offers a good, near-term option.

“There are opportunities in solar. The thing I like about that too – is not only is it the cheapest form of energy, it is also something that we can use an end-run, right now – immediately – around PJM and their messed-up market,” said Sherrill. “But long-term, if we are going to meet some of our energy needs, I think we need to move into nuclear.”

Race is on

The event sets the stage as the general election campaign ramps up. Fresh off their resounding primary wins, both candidates will continue to lay out their agendas and vision to the business community, and for the great Garden State more broadly.

“Let me be clear – I don’t want to be congressman. I don’t want to be U.S. senator. And I don’t want to be president,” said Ciattarelli. “And I don’t want to write a book. Too many of our governors on both sides of the aisle over the last 40 years have used this position to try to get to Washington.

“My sole ambition is to fix the State of New Jersey. When something I love is broken, I want to fix it.”

“I’m running for governor to make our state the leader in advanced technology, research, development and application – once again,” said Sherrill. She noted the state’s competitive business climate, talented workforce and top schools. “But we continue to leave a huge amount of economic growth on the table because we impose too many barriers to the business community. And we make it needlessly difficult to grow and to succeed.”

Sherrill closed, “We have a long list of challenges to tackle as a state. It’s going to take the right kind of leader. And someone who isn’t afraid to go against the status quo to get there.”