LAMPITT CONTINUES EFFORT TO CREATE JOBS & ECONOMIC GROWTH BY EXPANDING BUSINESS INCENTIVES

(TRENTON) – Legislation sponsored by Assembly Democrat Pamela R. Lampitt to create jobs and economic development by giving gross income taxpayers the same incentives available to corporation business taxpayers was advanced Thursday by the Assembly Budget Committee.
The bill (A-4342) would provide gross income taxpayers with the same incentives available to corporation business taxpayers for investment and hiring. This would particularly help sole proprietors, partnerships and limited liability companies that are key to New Jersey’s economy.
“If we’re to steer New Jersey back toward economic growth, then we must ensure everyone can take advantage of the various job creation options we’ve made available,” said Lampitt (D-Camden). “Programs that help retain and bring new jobs to New Jersey should be available to all the various types of businesses formed in New Jersey. It’s the fair and smart thing to do as we look to create more jobs and make our state more affordable for middle-class families.”
The bill creates gross income tax credit authority for the following corporation business tax credit programs:
· The Business Retention and Relocation Assistance Grant Program;
· The Urban Transit Hub Tax Credit Act;
· The Qualified Municipality Open for Business Incentive Program;
· The Neighborhood Revitalization State Tax Credit Act;
· The Enterprise Zone tax credit program;
· The Manufacturing Equipment and Employment Investment Tax Credit Act;
· The tax credit for purchase of certain effluent treatment equipment credit for CBT taxpayers;
· The tax credit for qualified digital media content production expenses;
· The research expense tax credit;
· The New Jobs Investment Tax Credit Act; and
· The New Jersey Urban Development Corporation Act.
“These are valuable programs that should be available to businesses of all types,” Lampitt said. “We need a complete economic recovery that benefits everyone, and this bill is a step in the right direction.”
The bill is expected to get consideration for final legislative approval on Monday.