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(TRENTON) – Legislation sponsored by Assembly Democrats Albert Coutinho and Connie Wagner to help create jobs at New Jersey’s ports was released recently by an Assembly panel.
“New Jersey’s ports have the potential to be among our biggest drivers of job creation and economic development,” said Coutinho (D-Essex). “We must take advantage of this as much as possible for the benefit of working class New Jerseyans the businesses that employ them. Improving our economic climate is a shared goal and this is a key part of that effort.”
“Job creation and keeping New Jersey competitive must remain our top priority,” said Wagner (D-Bergen). “A bill like this is a vital piece of that effort to create jobs and economic development to help our communities and residents thrive. Smart incentives like this can go a long way toward creating a better New Jersey.”
The bill expands the eligibility criteria under the Urban Transit Hub Tax Credit program to permit a business to qualify at a location in municipalities that are part of the port districts of the Port Authority of New York and New Jersey or the South Jersey Port Corporation.
The business would have to demonstrate to the New Jersey Economic Development Authority at the time of application, that the business is committed to making a capital investment on real property of more than 100 contiguous acres within a port district municipality, and the authority shall certify after rigorous review, that there are no suitable 100 or more contiguous acre sites in the nine eligible urban municipalities that could satisfy all of the program requirements.
Further, the bill allows other types of businesses to be eligible under the program, including business trusts, sole proprietorships or any other legal entity organized under the laws of New Jersey or of any other state or foreign jurisdiction. Current law allows eligible businesses under the program to be organized as corporations, partnerships, S corporations, or limited liability corporations.
The bill (A-4105) on June 13 was released 5-0 by the Assembly Commerce and Economic Development Committee chaired by Coutinho.