TRENTON, NJ—The impasse between the state's legislature and governor over implementation of a higher gas tax to fund the state's insolvent Transportation Trust Fund will have serious implications for business development and economic growth in the Garden State if it is not resolved quickly, according to several business leaders and economists who spoke exclusively with GlobeSt.com.

“It's just very frustrating at this eleventh hour that we're having these poorly thought-out, not well-articulated proposals being shared,” says Michael McGuinness, executive director of the New Jersey Chapter of NAIOP. “I just think that whole system is not very effective for producing sound public policy, especially as it relates to something as near and dear to our economy as a stable, healthy transportation system.”

The delay in implementation is “a double-edged sword,” says Thomas Bracken, president of the New Jersey State Chamber of Commerce. “The inaction in implementing it right now is not good,” he says. “It's such a crucial issue for the state, to be deadlocked and not find a compromise solution to get this done, doesn't look good for the state's ability to address their major problems.”