Monday, December 13, 2010

Update from NJ Assembly Democrats moving forward on Job Creation and Economic Bills

The latest update from the NJ Assembly Democrats:


(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

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:

A-1676:  Greenwald/Milam/ Spencer/Chiusano

Provides single sales fraction for corporation business tax income allocation formula and establishes airline-specific sales fraction.

A-3143: Greenwald/Quijano/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."

A-3295: Coutinho/Quigley/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.

A-3389(1R): Oliver/Coutinho/Bucco/Bramnick

Revises financial assistance under Business Retention and Relocation Assistance Grant Program; repeals requirement to study implementation.

A-3535: Greenwald/Barnes/Johnson/Pou

Consolidates certain business-related categories of gross income and provides 20 year carry forward of certain net losses under gross income tax.

A-3592: Quijano/Schaer/Albano/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.

A-3594: Giblin/Voss/Jasey

Directs New Jersey Economic Development Authority and Commission on Higher Education to promote the establishment of higher education and business partnerships. ◦