Codey Applauds Assembly’s Swift Passage Of Bill To Aid Struggliing Businesses, Attract New Investments

TRENTON – The Senate Budget and Appropriations Committee today approved a bill sponsored by Senate President Richard J. Codey and Senator Barbara Buono that would aid struggling businesses during the current economic crisis, and help New Jersey’s business environment remain competitive with other neighboring states. The committee approved bill S-2130, which would increase the time period in which a net operating loss (NOL) can be deducted from a corporation’s business tax, from seven to twenty years.

“At the very least, from an economic standpoint, this bill will put us on par with other states, particularly our surrounding neighbors,” said Senator Codey (D-Essex). “Hopefully, it will encourage new businesses to set up shop here, help keep some of our struggling businesses in state and promote further investment. With nearly everyone feeling some effects from the current economic crisis, this bill is extremely timely. Hopefully, we can get it approved by both houses shortly to provide a life preserver for businesses struggling to stay afloat until the current tempest subsides.”

TRENTON – A bill sponsored by Senators Joseph V. Doria and Nicholas J. Sacco to extend eligibility for the New Jersey World Trade Center Scholarship Program to the children and spouses of those who died due to exposure to the attack site was signed into law today by Governor Corzine.

“The signing of this bill sends the message that we stand firmly behind the brave men and women who lost their lives in rescue efforts following the attacks on September 11,” said Senator Doria, D-Hudson. “Despite the dangers, New Jersey’s first responders answered the call, heading across the river into a war zone of twisted steel, fire and debris, where even breathing the air was toxic – a fact that we unfortunately didn’t know until it was too late. For the surviving family members of those who lost their lives to help save others, we have a moral obligation to help, and I’m glad the State of New Jersey is willing to meet that obligation.”

TRENTON – On Monday, Senate Committees will meet to consider measures which will improve the economic climate of New Jersey for businesses and guarantee that State workers’ benefits contributions cannot be diverted to other purposes.

S-2130, sponsored by Senate President Richard J. Codey, D-Essex, and Senate Budget Committee Chair, Senator Barbara Buono, D-Middlesex, which would extend the carry-forward provision for net-operating losses in the State’s corporate business tax (CBT), from 7 years to 20 years, will be up for consideration in the Senate Budget and Appropriations Committee at 1:00 PM.

TRENTON – The full Senate today approved a bill sponsored by Senate President Richard J. Codey and Senator Barbara Buono that would aid struggling businesses during the current economic crisis, and help New Jersey’s business environment remain competitive with other neighboring states. The Senate approved bill S-2130, which would increase the time period in which a net operating loss (NOL) can be deducted from a corporation’s business tax, from seven to twenty years.

“Now more than ever, this bill is desperately needed,” said Senator Codey (D-Essex). “With many businesses struggling and others facing still unforeseen losses, we need to do all we can to help them weather the storm. This bill will also help New Jersey stay competitive with many of our neighboring states that have similar provisions. Hopefully, it will also encourage new businesses to set up shop here and promote further investment.”

TRENTON – A bill sponsored by Senators Joseph V. Doria and Nicholas J. Sacco which would extend eligibility for the New Jersey World Trade Center Scholarship Program to the children and spouses of those who died due to illnesses contracted because of exposure to the attack site was unanimously approved by the Senate Education Committee yesterday.

“On September 11, 2001, people from across New Jersey answered the call to help, and over the weeks and months ahead, volunteered their time and energy in rescue efforts at the World Trade Center site,” said Senator Doria, D-Hudson. “At the time, we were assured that the air at Ground Zero was safe, but in the years since, we realize that we were wrong, with otherwise healthy people succumbing to respiratory illnesses contracted due to their time helping there. To the heroes of September 11 who have paid the ultimate price to aid those in need, and to their families that continue on, we need to show them our thanks.”

TRENTON – A bill sponsored by Senators Joseph V. Doria and Nicholas J. Sacco which would extend eligibility for the New Jersey World Trade Center Scholarship Program to the children and spouses of those who died due to illnesses contracted because of exposure to the attack site was approved by the Senate today by a vote of 39-0.

“On September 11, heroes were born from tragedy, as so many of New Jersey’s first responders and average citizens answered the call and volunteered their time and energy to rescue efforts,” said Senator Doria, D-Hudson. “While we were assured at the time that the air at the site was safe enough to allow rescuers access, we’ve seen continued tragedy, as healthy rescue workers have developed fatal respiratory illnesses. These men and women are casualties of the September 11 attacks, and their surviving family members should have the same right to collect on relief funds set up for other survivors.”