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VAS VOWS CONTINUED ECONOMIC DEVELOPMENT PUSH
By thesterVAS VOWS CONTINUED ECONOMIC DEVELOPMENT PUSH
(TRENTON) – Assembly Commerce and Economic Development Committee Chairman Joseph Vas released the following statement today after hosting a conference on how best to stimulate New Jersey’s economy amid the global financial meltdown:
“The Assembly has been focused on making sure hard-working New Jerseyans and the businesses that employ them can emerge strong from this global economic crisis, and today’s conference simply re-emphasized the need to continue that work.
“Our discussions today ranged from various state economic incentive programs to how local leaders and investors can take advantage of programs to help jumpstart their local economies.
“Protecting our businesses now will help ensure that our economic engine will not stall out if the economy continues to worsen. We have to be sure to remove any hurdles that are blocking economic development in these tough times. We’ve already removed some obstacles and will be considering more steps in the weeks ahead.”
The Assembly approved numerous economic bills during its Monday voting session. More legislation will be considered in the coming weeks.
Among the bills approved Monday is legislation Vas is sponsoring to reshape how certain corporate sales made in other states are taxed. The measure (A2722) would also eliminate a provision that increases a corporation’s entire net income that is taxable by New Jersey, creating a more accurate tax payment to the state.
It was approved 79-0 and heads to the Senate for further consideration.
Vas is also sponsoring other bills to benefit businesses that have higher percentages of their operations based in New Jersey and enhance business grants and incentives.
Called “Growing New Jersey’s Economy in an Economic Crisis,” the conference in Woodbridge was held with Caren Franzini, executive director of the New Jersey Economic Development Authority, and the Governor’s Office on Economic Growth and the New Jersey Redevelopment Authority.
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