Thursday, March 8, 2012
Albano, Milam, Singleton, Caride & Sumter Bill to Spur Job Growth Released by Assembly Labor Committee
(TRENTON) – Legislation Assembly Democrats Nelson Albano, Matthew Milam, Troy Singleton, Marlene Caride and Shavonda Sumter sponsored to spur job growth by providing bonus awards to businesses who hire employees who were unemployed for more than 13 weeks was released 6-2-1 Thursday by an Assembly panel.
The bill (A-2402) allows businesses eligible under the Business Retention and Relocation Assistance Grant Program (BRRAG) or the Grow New Jersey Assistance Program (Grow NJ) to receive tax credits for each new full-time job created that is filled by a person who had been receiving unemployment benefits for at least 13 weeks immediately preceding the hiring.
“Anything we can do to responsibly incentivize the hiring of out-of-work New Jerseyans, especially those who have been looking for a job for a long time, is a smart thing to do,” said Albano (D-Atlantic/Cape May/Cumberland). “This bill is a must as we continue focusing on job creation.”
“As we concentrate on economic expansion and job creation, this bill advances both those goals while rewarding companies who do the right thing and create jobs for our residents,” said Milam (D-Atlantic/Cape May/Cumberland). “Getting New Jerseyans back to work must continue to be a priority.”
“Responsible job creation incentives such as this should be a part of our economic recovery package,” said Singleton (D-Burlington). “Job creation and economic growth are vital as we look to make New Jersey stronger, and this bill creates jobs and reward companies that do the right thing.”
“Our focus on job creation cannot waver, and this bill is a responsible step forward,” said Caride (D-Passaic/Bergen). “We’ll be creating jobs and awarding companies that are advancing our economic recovery, and those are great things.”
“Rewarding job creation for out-of-work New Jerseyans is a sensible way to reinvigorate our economy,” said Sumter (D-Bergen/Passaic). “Anything that can foster job growth is, quite simply, a vital step for our residents.”
Under the bill, the bonus awards for eligible businesses would be:
· Equivalent to 50 percent of the amount of the original grant of tax credits awarded under BRRAG; and
· Up to an additional $3,000 per job of the amount of the original tax credits awarded under Grow NJ.
The bill was released by the Assembly Labor Committee.