TRENTON – The Senate Budget and Appropriations Committee has more than 15 bills on its agenda this morning, ranging from health insurance restoration to jobs and tax bills to spur the economy.
Some of the pieces that will be up for consideration:
S3052: This would direct the New Jersey Economic Development Authority to establish a small-business loan program to provide low-interest loans in amounts not exceeding $250,000.
S3054: This bill seeks to expand corporation business tax credit programs to the gross income tax. This is intended to provide gross income taxpayers with the same incentives available to corporation business taxpayers for investment and hiring, particularly sole proprietors, partnerships, and limited liability companies.
S3055: The “New Jersey Angel Investor Tax Credit Act,” would revive the expired Small New Jersey-based High Technology Business Investment Tax Credit by establishing credits against corporation business and gross income taxes for investing in New Jersey emerging technology businesses.
Among the more controversial bills facing the committee is S3056, the “Garden State Film and Digital Media Jobs Act.”
Intended as an economic stimulus bill, it has come under fire because of the debatable quality of some shows it has helped spawn, such as “Jersey Shore.’’
This legislation would expand and upgrade aspects of the program. First, the bill increases the annual program cap for the film production tax credit from $10 million to $50 million and for the digital media production tax credit from $5 million to $10 million. Second, the bill provides for a tax credit equal to 22 percent, instead of the current 20 percent, of eligible production expenses if the expenses represent purchases of goods from businesses located in Urban Enterprise Zones (UEZ) or purchases of services performed by residents of a UEZ.
And on the health care front, S3038 seeks to restore NJ FamilyCare eligibility for adults without dependent children and who do not earn more than 200 percent of the federal poverty level. Sponsor Sen. Joe Vitale said the money, $4 million, already is in the budget, so he said, the program can be funded with current appropriations.