PolitickerNJ Wire Feed
(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.
Majority Press Office 609-847-3500
Trenton mayoral candidate Walker M. Worthy, Jr. raised more than $75,000 during the most recent fundraising period, boosting his total campaign contributions to date to close to $110,000, according to a written statement issued by his campaign.Read More >
East Side Neighborhood Association hosts packed Paterson Mayor's Forum PATERSON – On the eastern end of Market Street stands a restaurant amid the clinging remnants of industry and a city’s trampled history, where inside under chandeliers in front of a crowd of 100 people, seven candidates for mayor made...
BY ALBIO SIRES This week, Budget Committee Chairman Paul Ryan (R-WI), released yet again another budget with misplaced priorities that will slow our economic recovery and destroy American jobs. Rather than address the priorities of the... Read More >
"A break-in occurred early this morning at the offices owned by Carl Sharif and two others at 660 Stuyvesant Ave. in Irvington, New Jersey. Several items are reported missing, including two laptop computers owned by Carl Sharif. There is also reported damage in the building. The Irvington police were called and a report was filed." - Jeffries campaign spokeswoman Lupe Todd- PolitickerNJ.com
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.