(TRENTON) – The Assembly Budget Committee on Tuesday will continue advancing the Legislature’s “Back to Work NJ” economic development package by moving a series of bills aimed at economic development and corporate tax reform.
The hearing is set for 1 p.m. Tuesday, Dec. 14 in Committee Room 11 in the State House Annex. It will be streamed live at http://www.njleg.state.nj.us/media/live_audio.asp.
Assembly Speaker Sheila Y. Oliver (D-Essex/Passaic) and Senate President Stephen M. Sweeney (D-Gloucester/Salem/Cumberland) announced the job-creation and pro-business agenda at a State House press conference on Nov. 24. Tuesday’s hearing will be the second of several to advance initiatives.
Tuesday’s bills include:
Spencer/Chiusano Provides single sales fraction for corporation business tax income allocation formula and establishes airline-specific sales fraction.
Lampitt/Ramos Extends eligibility of investors in certain business or housing projects for tax credits under “Urban Transit Hub Tax Credit Act” and “New Jersey Economic Stimulus Act of 2009.”
Wagner/Watson Coleman Expands availability of general development plan approvals and long-term vesting of preliminary and final site plan approvals in Smart Growth areas.
Revises financial assistance under Business Retention and Relocation Assistance Grant Program; repeals requirement to study implementation.
Johnson/Pou Consolidates certain business-related categories of gross income and provides 20 year carry forward of certain net losses under gross income tax.
DeAngelo “New Jersey Angel Investor Tax Credit Act;” provides credits against corporation business and gross income taxes for investing in New Jersey emerging technology businesses.
Giblin/Voss/Jasey Directs New Jersey Economic Development Authority and Commission on Higher Education to promote the establishment of higher education and business partnerships.