|Assembly Commerce and Economic Development|
Democratic Research Aide: Ben A. Graziano
Group - B
Lagana, Eustace & Houghtaling Bill to Help NJ's Small Businesses Expand, Create Jobs AdvancesLegislation sponsored by Assembly Democrats Joseph Lagana (D-Bergen/Passaic), Tim Eustace (D-Bergen/Passaic) and Eric Houghtaling (D-Monmouth) to help cultivate small businesses growth in the state was released Monday by an Assembly panel.
The bill (A-2215) would establish a small business job creation and preservation account program to incentivize small business workforce expansion in New Jersey using income tax exclusions for interest under the corporation business tax (CBT) and gross income tax (GIT).
"It is the small mom and pop shops that keep local economies going," said Lagana. "By helping our small business grow, we are not only helping our small business owners, but the municipalities where they are located, and local residents who will benefit from the new jobs created."