Legislature set to undertake jobs bills

The Senate Budget and Appropriations Committee will meet at 1 p.m. tomorrow to begin consideration of the “Back to Work NJ” job creation and economic development initiative, according to the Senate Majority Office.
 
The committee will consider the following:
  • Reforming the state’s corporate business tax structure to remove the preferential tax treatment that out-of-state companies received (the so-called “single sales factor”).
  • The “New Jersey Angel Investor Tax Credit Act,” which would provide credits against corporation business and gross income taxes for investing in New Jersey emerging technology businesses.
  • Creating partnerships between businesses and the state’s higher education community.

The Assembly Budget Commitee also will consider the “Back to Work NJ” package at its 10 a.m. hearing.  In the assembly, the bill is sponsored by Speaker Sheila Oliver, Majority Leader Joe Cryan (D-Union), Paul Moriarty (D-Gloucester/Camden) and Speaker Pro Tempore Jerry Green (D-Union/Middlesex/Somerset).

The assembly will also consider a loan forgiveness program for students who pursue a field that has a marked labor shortage. It’s sponsored by Oliver, Assembly Budget Chairman Lou Greenwald (D-Camden) and Joan Voss (D-Bergen), Mila Jasey (D-Essex) and Connie Wagner (D-Bergen).

Another measure before the committee would permit small, women or minority owned businesses located in designated regional centers to qualify for loans from the Economic Development Authority. It’s sponsored by Watson Coleman, Charles Mainor (D-Hudson) and Thomas Giblin (D-Essex/Passaic).

In all, eight measures are set to be heard by the assembly committee.

Legislature set to undertake jobs bills