Senate Moves To Create Jobs, Assist Nj Businesses

A view of the Senate Chambers from the 2010-2011 Senate Reorganization.

Numerous Bills Looking To Jumpstart Economy Clear Committee

TRENTON – Committed to getting the state’s economy moving again, the Senate today cleared several pieces of legislation out of committee that will spur job creation and help small businesses grow in New Jersey.

“The economy is, without question, the number one issue we must be focusing on right now,” said Senate President Steve Sweeney. “Today was just the beginning. We will be working over the coming weeks and months on both already existing and newly developed ideas to get our economy moving again. Many of the bills we worked on today and will be working on in the future have sponsors from both sides of the aisle. While strangely we have yet to hear anything from the governor on the state’s most pressing issue, I certainly hope he will join us in this effort.”

The following bills cleared the Senate Economic Growth Committee: S-1885, 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-3033, 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, 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.

The following bills cleared the Senate Education Committee: S-1419, which would establish the New Jersey College Loans to Assist State Students (NJCLASS) Teacher Loan Redemption Program in the Higher Education Student Assistance Authority, which would allow a person to redeem 10 percent of his/her NJCLASS loan amounts for each year of service as a teacher in a public school in New Jersey; S-1648, which authorizes county colleges and county vocational school districts to establish a green jobs certification program; S-1720, which authorizes county colleges and county vocational school districts to establish aviation related job certification, training and internship programs and would provide a corporation business tax credit for funds donated to support such programs; S-1774, which provides loan redemption for certain physician specialists who work in State 10 years.

Clearing the Senate Commerce Committee was S-2456, which would create the “New Jersey Trade Secrets Act”.

Clearing the Senate Environment and Energy Committee was S-3032, which would amend the “Electric Discount and Energy Competition Act” to increase renewable energy and energy efficiency standards under the current law. This would encourage renewable energy generation and expand the state’s green jobs economy.

Clearing the Senate Military and Veterans’ Affairs Committee was S-1015, 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.

The Senate Budget and Appropriations Committee will take up for further economy and jobs related bills this coming Thursday, September 22.

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