TRENTON – This Senate Budget Committee unanimously approved releasing bill S3033, which will provide tax credits to various businesses.
The Grow New Jersey Assistance Program will provide tax credits to businesses that create at least 100 new or retained full-time jobs as well as those who make capital investments of at least $20 million in certain incentive areas.
Specifically, the amended bill establishes a $200 million tax credit incentive program designed to encourage business growth through capital investment and job subsidies that incentivize both retained and new jobs. The program’s cost would fall under the $1.5 billion cap established under the “Urban Transit Hub Tax Credit” (“UTHTC”) program.
The bill was amended to include not just commercial properties, but industrial facilities as well.
Sen. Joseph Kyrillos (R-13), of Middletown, a co-sponsor, said the bill is an example of trying to provide economic incentives to bring companies here.
“We have to do whatever we can to compete in the region,” he said. “Unemployment is too high. Constituents we represent are really scared.”
Budget Committee Chairman Paul Sarlo made it clear the state is not losing revenue by providing tax credits.
Sen. Anthony Bucco said, “I think it’s a very good bill.”