TRENTON -The Assembly passed bill A4306/S3033, which establishes the Grow New Jersey Assistance Program to encourage businesses to engage in economic development, job creation and preservation by creating a $200 million tax credit incentive that emphasizes growth of New Jersey-based companies through capital investment, creation of new jobs and retention of existing jobs.
The bill, sponsored by Assemblyman Albert Coutinho (D-20) of Newark was passed by a 60-2 vote, with four abstentions.
Only Republicans Michael Patrick Carroll and Jay Webber voted no.
Coutinho described the bill as a bipartisan measure intended to get state residents back to work.
The bill requires a business to make capital investments of at least $20 million, retain at least 100 full-time employees or create at least 100 new full-time jobs in an industry deemed desirable by the New Jersey Economic Development Authority.
In a fiscal estimate, the Office of Legislative Services said there were too many unknowns to make a definitive assessment, but in one case, there could potentially be revenue losses to state coffers of over $1 billion.