BUCCO-CHIUSANO-McHOSE “GROW NEW JERSEY ASSISTANCE PROGRAM” LEGISLATION
APPROVED IN COMMITTEE

Bipartisan legislation establishing the “Grow New Jersey Assistance Program” (“Grow NJ”) that will encourage job creation and retention in the state was unanimously approved by the Assembly Commerce and Economic Development Committee today. The bill, A-4306/S-3033, was overwhelmingly approved in the state Senate on Sept. 26.

Assembly Republicans Anthony Bucco, R-Morris, and Gary Chiusano and Alison Littell McHose, both R-Sussex, sponsored the legislation that provides tax credits to businesses meeting specific eligibility requirements, including creating or retaining a minimum 100 full-time jobs in New Jersey and making a capital investment of at least $20 million at a qualified facility.

“Our focus must continue to be on working with the private sector on creating good-paying jobs and encouraging them to invest in a state that offers great economic opportunities,” said Bucco, who also sponsored the Business Retention and Relocation Assistance Grant Program (BRRAG). “Grow NJ is another proactive job creation approach that markets identified areas for business development, including vacant facilities that remain viable. Government and the private sector can work together in making New Jersey a business-friendly state where companies can succeed because of the resources they have, including the hard-working people who live here.”

“Grow NJ” will fall within the existing Urban Transit Hub Tax Credit program and will be overseen by the state’s Economic Development Authority, which will determine whether a business meets the criteria required to receive a tax credit.

“This legislation builds on the momentum New Jersey achieved with the 4,000 private sector jobs that were created in October, despite a skittish world-wide economy,” commented Chiusano. “Policies such as reducing payroll taxes, simplifying a company’s tax liability to a single sales factor and establishing the Red Tape Review Commission to reduce the bureaucracy which inhibits business development are a few examples of why New Jersey’s economy is showing positive results. The private sector is becoming more and more aware that New Jersey’s government wants to help them grow their business instead of impeding it.”

“The pro-business policies enacted over the last two years are paying dividends in turning around New Jersey’s economy,” stated McHose. “Our state possesses an excellent infrastructure, including an abundance of skilled workers, an excellent transportation system and sites than are prime locations for investment. ‘Grow NJ’ is another example of the two-way relationship between the public and private sectors that helps create jobs and encourages companies to invest in New Jersey.”

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