Assembly Panel to Consider Legislation to Improve New Jersey’s Economic Development and Job Creation Programs

Coutinho-Singleton-Watson Coleman-Ramos-Green’s New Jersey Economic Opportunity Act of 2013 to be Considered by Commerce & Economic Development Committee

(TRENTON) — The Assembly Commerce and Economic Development Committee will meet Wednesday to consider The New Jersey Economic Opportunity Act of 2013, a bill that would revise and improve how the state provides financial incentives for redevelopment projects.

The hearing is set for Wednesday, March 13 at 2 p.m. in Committee Room 9 on the 3rd Floor of the State House Annex in Trenton.

Audio of the hearing will be streamed live here.

The bill (A-3680) is sponsored by Assembly Democrats Albert Coutinho (D-Essex), Troy Singleton (D-Burlington), Bonnie Watson Coleman (D-Mercer/Hunterdon), Ruben J. Ramos Jr. (D-Hudson) and Speaker Pro Tempore Jerry Green (D-Union/Middlesex/Somerset). Coutinho chairs the Assembly Commerce and Economic Development Committee that will consider the bill.

“Our tax incentive programs have been invaluable to our state’s economic development planning, but with five programs with varying goals, we clearly need to streamline these programs and make it easier for businesses to understand and take advantage of them,” Coutinho said. “We want businesses to bring new jobs to New Jersey and preserve the ones they already provide.”

The bill would merge five state tax-incentive programs into two, with one focused on job creation and the other on economic development.

The Grow New Jersey Assistance Program would be the state’s premiere business attraction and retention incentive.

The Economic Redevelopment and Growth Grant program would be the state’s sole redeveloper incentive.