Bill Allows 1% Corporate Business Tax Credit on Work Contracted to New Jersey Businesses with Fewer than 50 Employees
(TRENTON) – As the ongoing impact of the pandemic continues to devastate and threaten the existence of many of New Jersey’s small businesses, a new bill introduced today offers a sustainable solution. Hoping to bring much-needed relief to NJ-based small businesses, Assemblyman Gary Schaer (D-Passaic/Bergen) sponsored a bill that would provide a 1% Corporate Business Tax credit to businesses in New Jersey that hire small businesses (under 50 people) based in the state.
Pre-pandemic, small businesses employed about half of New Jersey’s workforce. To ensure our complete economic recovery, we must find bold solutions to keep small businesses running. The bill is designed to help hasten New Jersey’s economic recovery by keeping more business in the state and helping more of the state’s small businesses survive, bringing much-needed stability to working families.
“Small businesses are the backbone of our economy,” said Schaer. “This legislation provides a creative solution to the economic impact of COVID-19 by bringing recovery efforts to our small business sector to get our people back to work. New Jersey’s workers have endured so much throughout this pandemic, targeted support for our small businesses will provide our families with needed financial stability.”
The bill came as a result of coordination with the small business community. Assemblyman Schaer collaborated with the #NJsmall movement (NJsmall.com), a grassroots campaign launched in May by Denise Blasevick and Adam Schnitzler, founders of a New Jersey-based small business in Boonton, The S3 Agency (theS3agency.com). Seeing the devastation the pandemic was causing to small businesses, the advertising agency owners collaborated with Assemblyman Schaer on a simple yet effective solution: encourage New Jersey’s largest companies to hire New Jersey’s small businesses.
“We are deeply grateful to Assemblyman Schaer for taking this step to provide New Jersey’s small businesses the additional help we all need to survive,” said Denise Blasevick, CEO of The S3 Agency. “Small businesses create two-thirds of net new jobs – they are the backbone of our economy – and helping them survive will help our state recover faster. We sincerely hope that every large business in New Jersey will embrace the #NJsmall opportunity to support their smaller siblings.”