TRENTON � A measure sponsored by Senators Barbara Buono, Jeff Van Drew and Shirley K. Turner, 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 received final legislative approval today from the full Senate by a vote of 33 to 7.
�With the economic stability of the nation struggling, now is the time for us to invest in home-grown, New Jersey businesses,� said Senator Buono, D-Middlesex. �By providing these incentives for the State�s businesses, we�re promoting growth and creating a welcoming environment for businesses to thrive now, and well into the future.�
�As the State�s population continues to grow, so will the demand on our workforce,� said Senator Van Drew, D-Atlantic and Cape May. �The enactment of this bill would send a clear message to New Jersey�s businesses that we care about their growth and continued success.�
�This legislation would reaffirm the State�s commitment to helping to develop and nurture businesses and employment opportunities for its residents,� said Senator Turner, D-Mercer. �By providing these incentive programs, we are laying the foundation for businesses to be able to succeed, even in these tough economic times.�
The Senators� bill, S-6, would authorize the New Jersey Economic Development Authority (NJEDA) to oversee the grant program, which would provide capital investment and employment grants to help ease the burden 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 million 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 was approved by the Senate Budget and Appropriations Committee on November 13. It now heads to the Governor�s desk, where his signature would make it State law. #