TRENTON – A measure sponsored by Senator Barbara Buono, which would establish the “Invest in New Jersey Business Grant Program Act,” as an incentive program to encourage businesses to make capital investments and hire and retain new workers was approved today by the Senate Budget and Appropriations Committee.
“New Jersey has a reputation of being inhospitable to business,” said Senator Buono, D-Middlesex. “However, we need to foster growth in the business community, to make sure that we have the high-paying, stable jobs that our workforce is going to demand into the future. This bill is about investing in the economic vitality of the State of New Jersey, and would put us on solid ground to weather the economic storm which is gripping the entire nation.”
Senator Buono’s bill, S-6, would authorize the New Jersey Economic Development Authority (NJEDA) to over see the grant program which would provide capital investment and employment grants to help ease the burdens on New Jersey businesses
The bill is broken down into two sections. Firstly, the bill provides for a capital investment incentive that would reimburse businesses for 7% of their repair/renovation costs. These “capital investments” include site preparation, construction, renovations and obtaining machinery. The bill would appropriate $70 to the NJEDA to help cover the cost of the capital investment programs.
Secondly, the bill would authorize employment grants of $3,000 per new hire to businesses that create full-time jobs, and retain those hires for at least one year. Businesses would have to provide health benefits to all applicable employees. $50 million will be appropriated to cover the cost of the employee grants.
This measure now heads to the full Senate for approval.