Legislation sponsored by New Jersey State Senator Joe Kyrillos (R- Monmouth/Middlesex) seeking to create jobs and business investment in New Jersey cleared the Assembly Commerce and Economic Development Committee today. The Grow New Jersey Assistance Program established by S-3033 provides tax credits to businesses that invest at least $20 million in New Jersey and retain or create at least 100 jobs.
"This legislation will help businesses put New Jersey residents back to work by addressing the single biggest obstacle to job growth- the affordability of our state," said Kyrillos. "Businesses that choose New Jersey as a place in which to relocate and/or expand will be rewarded by state government for their investment through a lower tax burden. This is exactly the kind of incentive program we need to bring New Jersey's economy back."
Businesses that qualify will receive a $5000 credit against its tax liability for each job created or retained in state under the program for up to 10 years. Senator Kyrillos joins Senator Ray Lesniak (D- Union) as co-prime sponsor of the measure.