Legislation sponsored by New Jersey State Senator Joe Kyrillos (R- Monmouth/Middlesex) seeking to create jobs and business investment in New Jersey has received full Senate approval. 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.
Kyrillos lauded the bill as an incentive for firms to relocate or expand operations in the state. "This legislation will help businesses put people back to work by reducing the tax burden of those that make a commitment to New Jersey," he said. "Businesses that make a substantial investment of jobs and capital in New Jersey will receive a tax break from state government. 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.
The measure now heads to the Governor.