Numerous Bills Looking To Jumpstart Economy Clear Budget Committee
TRENTON � Committed to getting the state�s economy moving again, the Senate today cleared several pieces of legislation out of the Budget and Appropriations Committee that will spur job creation and help small businesses grow in New Jersey.
�We are not waiting for the governor to come up with a plan on this issue. We are moving full steam ahead to get people in New Jersey back to work. I am extremely gratified by the manner in which both Democratic and Republican members of the Senate are coming together on this issue for the greater good. But we are not done yet and I look forward to passing these bills and many more this coming Monday,� said Senate President Steve Sweeney.
The following bills, largely with bipartisan support and few objections, cleared the Senate Committee:
S-1015 (Oroho/Bucco/Beach), which would permit businesses that hire National Guard or reservists mobilized to active duty service to receive either corporation business tax or gross income tax credits;
S-1865 (Kyrillos), which would provide a corporation business tax credit for certain investment in manufacturing equipment and manufacturing facility renovation, modernization and expansion;
S-1885 (Kean, S), which would allow corporation business tax and gross income tax deductions for the amount of net interest received on loans to certain qualified UEZ businesses;
S-1949 (Sweeney/Kean, T), which would exempt business facilities that employ at least 50 people, at least 50 percent of whom are directly employed in a manufacturing process, from one-half of the tax imposed under the Sales and Use Tax Act on the retail sale of energy and utility services that are consumed exclusively at that facility;
S-1988 (Sarlo/Kyrillos), which would phase out the cosmetic medical procedure gross receipts tax over a three-year period;
S-3033 (Lesniak/Kyrillos), which would establish the �Grow New Jersey Assistance Program� (Grow NJ), a tax credit incentive program designed to grow New Jersey-based companies through subsidies for both retained and new jobs;
S-3052 (Whelan/Sarlo), which would establish a Small Business Loan Program in EDA allowing certain small businesses to be eligible for low interest rate loans of up to $250,000 to expand their businesses;
S-3054 (Sweeney), which would expand certain corporation business tax credit programs to the gross income tax, providing gross income taxpayers with the same incentives available to corporation business taxpayers for investment and hiring, particularly sole proprietors, partnerships, and limited liability companies;
S-3055 (Madden), known as the �New Jersey Angel Investor Tax Credit Act�, which would create specific gross income and corporate business tax credits for start-up investments of up to $500,000 made in New Jersey-based high-tech and biotechnology companies;
S-3056 (Sarlo), which would expand the existing tax credits for film and digital media production expenses, increasing the annual program cap for the film production tax credit from $10 million to $50 million and for the digital media production tax credit from $5 million to $10 million.
The full Senate will vote on these as well as additional job creation and economic growth measures this coming Monday, September 26.