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TRENTON – A measure sponsored by Senator Sandra Bolden Cunningham which would allow companies to take certain Business Employment Incentive Program (BEIP) grants to be taken as tax credits against their Corporation Business Tax (CBT) liability was unanimously approved today by the full Senate.

            The BEIP program is administered through the State Economic Development Authority, and the incentives offered through the program are designed to help attract new business, thereby creating new jobs for State residents.

            “This bill would allow companies to decide for themselves how to best utilize their BEIP grant dollars,” said Senator Cunningham, D-Hudson.  “High taxes can place a significant financial strain on small businesses, and by allowing them the choice of how to use the funding, they can select the method that best suits their financial needs.”

TRENTON – A measure sponsored by Senator Sandra Bolden Cunningham which would allow certain Business Employment Incentive Program (BEIP) grants to be taken as tax credits against their Corporation Business Tax (CBT) liability was approved today by the Senate Budget and Appropriations Committee.

            The BEIP program is administered through the State Economic Development Authority, and the incentives offered through the program are designed to help attract new business, thereby creating new jobs for State residents.

            “By giving companies a choice of how they receive their BEIP grants, they will be able to decide for themselves how to best utilize the funding,” said Senator Cunningham, D-Hudson, who sits on the Senate Budget Panel.  “Often taxes put such a significant financial strain on businesses – especially small businesses, and this bill would allow them to choose method that works best for them.”