(TRENTON) — Assemblyman Upendra J. Chivukula (D-Somerset) issued the following statement Monday on the reduction in the state’s high tech business tax credits in Gov. Christie’s FY 2011 Budget:
“It’s hard to believe that, just as our economy is starting to climb out of recession, Gov. Christie and Republicans would choose to simply pull the rug out from under one of the foundations of New Jersey’s business community — our tech and biotech companies.
“The temporary increase in funds the state will see by curtailing the high tech business tax credits will be overshadowed by the harm we will be doing to a cutting edge industry that was becoming increasingly comfortable calling New Jersey home.
“To save money today, Republicans and Gov. Christie are willing to compromise New Jersey’s high tech future.
“This action by Republicans is a huge step backwards and sends all the wrong signals to an industry with profits in the hundreds of billions of dollars.”
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