New Jersey's 26th Legislative District

Senator Joe Pennacchio

Senator Joe Pennacchio

Pennacchio Asks Senate President Sweeney to Post S-1854, UI Fund Reform Bill

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Legislation Will Prevent $1 Billion Tax Increase

Senator Joe Pennacchio, a member of the Senate Budget and Appropriations Committee, asked Senate President Sweeney to post legislation, S-1854, which would reform the state UI Fund to prevent a $ 1 billion tax increase that will take effect July 1, 2010. The bill and the letter are attached.

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Senator Anthony Bucco
Senator Joe Pennacchio
Senator Mike Doherty
Senator Steve Oroho

Senate GOP: It’s Refreshing to Hear of Responsible Spending

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Department of Military & Veterans Affairs Does Job Efficiently

The five Republican members of the Senate Budget and Appropriations Committee commended the Department of Military and Veterans Affairs today for operating efficiently.

It is refreshing to hear that this agency continues to be a responsible steward of public resources. It was made evident today that the Department of Military and Veterans Affairs not only proudly represents the men and women who faithfully served our country, but also operates in an open and cost-effective manner.

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Senator Joe Pennacchio

Pennacchio: BLS Numbers Demonstrate Businesses Are Choosing Other States

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Troubling Numbers Demonstrate Need for UI Reform Now

Senator Joseph Pennacchio, a member of the Senate Budget and Appropriations Committee, issued the following statement regarding job growth numbers released this week by the Bureau of Labor Statistics:

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Senator Joe Pennacchio

Pennacchio: Legislature Must Begin Work on UI Fund Reforms

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Bill Must Be Signed By the End of May to Avoid Huge Tax Increases

Senator Joe Pennacchio, a member of the Senate Budget and Appropriations Committee, issued the following comments on the quickly approaching deadline to finish reforming the Unemployment Insurance Fund:

“If we do nothing the UI fund trigger will trip an automatic $484 per employee tax on businesses, July 1, 2010. Total cost to business is nearly $1 billion according to the Acting Commissioner of Labor. This tax increase would have a devastating effect on the already fragile business climate in New Jersey.

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Senator Anthony Bucco
Senator Joe Pennacchio
Senator Mike Doherty
Senator Steve Oroho

Members of the Senate Republican Budget Committee Issue Statement on FY 2011 Budget

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The five Republican members of the Senate Budget and Appropriations Committee, Republican Budget Officer Anthony Bucco and Senators Pennacchio, O’Toole, Oroho and Doherty, issued the following statement regarding the state of the Fiscal Year 2011 budget:

“Years of serial fiscal mismanagement have brought us to this point. Too many administrations have taxed, borrowed, spent and deferred until the citizens of this state could take no more.

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Senator Joe Pennacchio

Democrats – “Me Think You Protest Too Much”

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The following statement was released by State Senator Joseph Pennacchio (R-Morris Passaic) a member of the Senate Budget and Appropriations Committee:

“For eight years, Democrats under McGreevey and Corzine taxed, borrowed and spent our state almost into fiscal oblivion. The last Republican budget, under Governor DiFrancesco, had a $1 billion surplus. Under Democrat control – total control, spending has doubled, debt tripled and taxes have been raised over 113 times by $7 billion a year. With all the taxing, borrowing and spending, New Jersey still found itself with an $11 billion budget hole for Fiscal Year 2011.

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Senator Joe Pennacchio

Pennacchio Offers Legislation to Rescue Unemployment Insurance Fund

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The following is an editorial by Senator Joe Pennacchio of New Jersey’s 26th legislative district:

Since I entered the State Legislature in 2001, I have consistently voted against raiding our state’s Unemployment Insurance Fund. I argued that those raids would cause deficiencies in the fund during periods of recession when they would be needed the most. Unfortunately, I was right.

New Jersey has had to borrow money from the Federal Government just to meet current benefit obligations. We currently owe $1.4 billion. Some would say that the answer to our current deficit is to borrow more and increase taxes. This approach is irresponsible and would just postpone and prolong the problem leading to a debt of more than $4 billion in just one year, and would postpone the fund’s solvency until 2019.

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Senator Joe Pennacchio

Pennacchio Introduces Legislation to Ensure Stability of UI Fund

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Senator Joe Pennacchio, a member of the Senate Budget and Appropriations Committee, introduced legislation today that would revise the statutes and regulations governing the state’s unemployment insurance fund to make it more stable.

“Today the State of New Jersey has borrowed more than $1.2 billion to keep our Unemployment Insurance fund solvent,” Pennacchio stated. “The state is in this predicament because over the past eight years levies paid by employees and employers to support the fund have been consistently diverted to pay the state’s general operating expenses. I fought these diversions at the time but now the UI fund has become dangerously depleted and corrective measures must be taken.”

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Senator Joe Pennacchio

Pennacchio’s Expanded “Transparency in Government Act” Clears Senate Committee

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Amended Legislation Will Include All Levels of Government

Legislation sponsored by Senator Joe Pennacchio (R-Morris/Passaic) that would create a user friendly easy to navigate web site that would allow taxpayers to see how their money is being spent, unanimously passed the Senate State Government Committee today. The bill was amended to include all levels of government in New Jersey.

“I am very grateful that one of Chris Christie’s first official acts as Governor was to issue an executive order bringing greater openness and accountability to state spending,” Pennacchio stated. “It is now time to codify this executive order and make it an official law.”

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Senator Joe Pennacchio

Pennacchio Appears on WMBC-TV’s Hometown to Talk About the NJ Budget, Property Taxes and Healthcare

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Senator Joe Pennacchio (R-Morris/Passaic) recently appeared on Hometown on WMBC-TV with host Matt Fitzpatrick to discuss a variety of New Jersey issues, including the state budget, property taxes and healthcare.

Click here to view the video on YouTube.

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