BRAMNICK-BUCCO LAUD SUCCESS OF BRRAG PRGRAM

Assembly Republican Leader Jon Bramnick and Deputy Republican Leader Anthony M. Bucco said the recent report issued by the state’s Economic Development Authority on the success of the Business Retention and Relocation Assistance Grant Program (BRRAG) is proof that the Legislature can work together on creating and retaining jobs in New Jersey.

Bramnick and Bucco were primary sponsors of the BRRAG legislation (S-2370/A-3389) that was unanimously approved by the Legislature and signed into law by Governor Christie in January, 2011.

“By working in bipartisan way, New Jersey was able to retain over 8,000 jobs and spur $389 million in capital investment from the private sector,” said Bramnick, R-Union, Morris and Somerset. “Government is most effective when everyone is included in the process and committed to the same goal. One of our top priorities is creating and retaining jobs in the state. The BRRAG legislation shows that when politics is put aside, the Legislature can get the results that taxpayers deserve.”

The BRRAG Program is a grant of corporation business tax credits to businesses to assist them in retaining jobs and developing projects within the state. The purpose of the program is to encourage economic development, preserve existing jobs, and stimulate capital investment in New Jersey.

“The number of jobs retained and the capital invested by companies fully demonstrate the success of the BRRAG program,” said Bucco, R-Morris and Somerset. “The cross-section of companies across the state who participated in the Fiscal Year ’12 program indicates that businesses are aware that New Jersey wants them and is ready to discuss how to work together to make that happen. It is one thing to have a retention program in place, but the fact that it is working speaks to the commitment by Governor Christie and his administration to keep jobs in our state and improve our economy.”

The BRAGG program provides a maximum tax credit of $2,250 per year for each job retained in the state, for up to six years.

Assembly Speaker Sheila Oliver and Assemblyman Albert Coutinho, were also primary sponsors of the BRRAG legislation.

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