BUCCO-CHIUSANO-McHOSE “GROW NEW JERSEY ASSISTANCE PROGRAM” LEGISLATION
APPROVED BY ASSEMBLY

Legislation establishing the “Grow New Jersey Assistance Program” (“Grow NJ”) that encourages job creation and retention in the state was approved by the General Assembly today.

Assembly Republicans Anthony M. Bucco, R-25, and Gary Chiusano and Alison Littell McHose, both R-24, sponsored the legislation (A-4306) 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.

“We must continue to focus 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 a proactive job creation approach that markets identified areas for business development, including vacant facilities that remain viable. Government and the private sector can successfully partner in making New Jersey a business-friendly state where companies can capitalize on the market potential we possess.”

“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 50,000 private sector jobs that were created since Governor Christie took office, despite a topsy-turvy 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 are some 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 that are prime locations for investment. Job creation needs to occur in the private sector and ‘Grow NJ’ is a program that will help us capitalize on achieving this objective.”

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