Measure would Incentivize Continued Investment in Life Sciences in New Jersey; Hopefully Lead to Full-Time Employment for Interns
(TRENTON) — Assemblymen Daniel R. Benson and Wayne P. DeAngelo issued a multimedia package Thursday on legislation they sponsored to provide tax credit subsidies to small New Jersey-based life science companies as an incentive to create paid internship opportunities for college students that would hopefully become a pivot point into full time employment down the line.
The measure (A-4094) would create “The New Jersey Life Sciences Internship Challenge” program, which would provide a subsidy in the form of a tax credit to small companies to establish a limited number of paid summer internships in the life sciences field for undergraduate students from New Jersey and undergraduate students attending New Jersey schools.
The multimedia package consists of a video of the Assemblymen discussing their legislation and audio and a transcript of same.
The audio file is available upon request.
A transcript of comments by Assemblymen Benson and DeAngelo (both D-Mercer/Middlesex) is appended below:
Assemblyman Daniel R. Benson (D-Mercer/Middlesex):
“What we’re creating is a life science internship program. And really, at the end of the day, what this is all about is jobs.
“We’re trying to give opportunities for small biotech companies and life sciences companies to bring on internships that will lead to high paying jobs down the line.”
Assemblyman Wayne P. DeAngelo (D-Mercer/Middlesex):
“I think one of the great things that this program also allows is for companies to have access to these graduates and interns and seeing the best of the best that’s out there in the workforce. And hopefully, as this program continues to grow and business opportunities that are out there allows them to employ these individuals in the State of New Jersey.”
“So this bill is going to benefit kind of three different areas:
“One, it’s benefiting the economy as a whole by helping these life science companies hopefully expand over time.
“It’s helping graduates in the life science areas to stay in New Jersey and to start with an internship that ends up with a good paying job at the end of the day.
“And finally, it helps a sector of our economy that’s fast growing and very important to our future long term job growth.
“In New Jersey, it’s so important to invest in life sciences, because New Jersey has always been an innovation state. Life sciences is now that next generation of innovation here in New Jersey and by investing in them through these internships, we’ll be able to keep these companies growing here in New Jersey while creating great jobs to make New Jersey a stronger place.”