ASSEMBLY DEMOCRATS - Commerce Panel to Meet Monday to Take More Steps to Help Businesses Confront the Economic Crisis

COMMERCE PANEL TO MEET MONDAY TO TAKE MORE STEPS TO HELP BUSINESSES CONFRONT THE ECONOMIC CRISIS

Panel to Hear Testimony from Economic, Labor Experts on State Job & Industry Growth; Consider Legislation to Further Improve NJ's Economic Climate

(TRENTON) - As part of an unprecedented effort by the Assembly to address the ongoing national economic crisis, the Assembly Commerce and Economic Development Committee will meet Monday to examine the health of the private sector, state job growth and to consider legislation to further improve the state's business climate.

"New Jersey has the strength to successfully weather the worst of this financial storm, but only if we continue to take decisive action," said Assemblyman Joseph Vas (D-Middlesex) the panel's chairman.  "We must do whatever we can to keep New Jerseyans gainfully employed and continue making the state a great place to do business."

The committee will hear testimony from David J. Socolow, commissioner of the state Department of Labor and Workforce Development and other invited guests on the state's ongoing efforts in job and industry growth.

The panel also will consider legislation to further enhance the stability and positive outlook of the state's private sector, including:

• A-1277 (Carroll) Providing corporate business tax and gross income tax credits for employers who allow their employees to telecommute;
• A-2626 (Vas) Modifying the formula used to calculate a manufacturing business' worldwide income that is subject to New Jersey taxes, which would benefit corporations that have a higher percentage of their property and payroll infrastructure in the state;
• A-2722 (Vas, Greenwald, Coutinho) Eliminating the so-called "throw-out" provision of the state's corporate business tax, which would allow for a more accurate and fair representation of a business' total income, creating a more accurate payment of taxes to the state;
• A-2997 (Vas, Coutinho) Modifying the Business Employment Incentive Program (BEIP) to allow co-ops to participate in the program, give high-performing urban businesses better incentives and allow grant agreement extensions for businesses if they agree to extend participation in the program; and
• A-3294 (Milam, Albano, Vas, Greenwald) Modifying the Business Retention and Relocation Assistance Grant (BRRAG) program, which would make it easier for small and mid-size businesses to take advantage of the program benefits.

The Assembly Commerce and Economic Development Committee will meet 12:30 p.m. Monday, October 6, 2008, Committee Room 12, 4th Floor, State House Annex, Trenton.

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