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(TRENTON) Legislation sponsored by Assembly Democrats Annette Quijano, Wayne P. DeAngelo and Reed Gusciora urging Congress to establish tax incentives for businesses returning and maintaining jobs in the U.S cleared the Assembly Commerce and Economic Development Thursday. To deter outsourcing, the resolution also urges the establishment of tax penalties for companies moving jobs overseas.
Currently, under the United States Tax code, the cost of moving personnel and company operations to a new location is defined as a business expense that qualifies for a tax deduction. The relocation of company operations include jobs that would normally go to U.S. citizens. Tax breaks, are currently not available to businesses that maintain jobs in the United States or bring jobs back into the country.
"With the unemployment rate fluctuating between 8% and 10% in the nation, we cannot afford to reward U.S. based Companies who give away the one thing this country truly needs right now... more jobs," said Quijano (D-Union) "For many of these companies, our citizens are the reason their business is successful. By providing tax incentives in exchange for job creation will help us strengthen our workforce."
"It's only right," said DeAngelo (D-Mercer, Middlesex). "If you do business here, then you are rewarded for it. It is how it should be, especially in this economic climate. If you use the US as a base for your operations because of business perks and access, then it only makes sense to employ our citizens.
"New Jersey has one of the highest unemployment rates in the nation," said Gusciora (D-Hunterdon, Mercer). "A concerted effort must be made from top down to keep businesses here and create more job opportunities. We hope Congress can come together and do what is right for sake of the struggling unemployed in this country."
The Assembly Concurrent Resolution (ACR-162) respectfully urges Congress to take action, by amending the tax code, to provide incentives for companies returning outsourced jobs to the U.S. and to provide penalties for companies that move jobs to locations outside of the United States.
The resolution was released from committee and; now heads to the Assembly Speaker for further consideration.
To read more, please visit the New Jersey General Assembly Democratic Office Web site.
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