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
At an Edison school house earlier today, a child mistook Senate President Steve Sweeney (D-3) for Gov. Chris Christie.Read More >
Colorado politicians invite Christie to experience 'Rocky Mountain High'Colorado politicians slapped back at Gov. Chris Christie after he questioned their Rocky Mountain quality of life under the rule of legalized marijuana.“Whether it’s hiking season or snow season, we invite Gov. Christie to experience Colorado’s quality of life anytime," Sen....
By HAYTHAM YOUNES As the May 13th election for Paterson officials nears, I've noticed a lot of candidates running using slogans and empty promises as if they weren't around watching Paterson get to where it's at today. I think it's important that... Read More >
“The good news of tonight is that these problems are fixable.” - Gov. Chris Christie- PolitickerNJ.com
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.