Assembly panel approves employment incentives bill

TRENTON — A bill sponsored by Assemblyman Parker Space helping all businesses in the Business Employment Incentive Program to transfer tax credits passed the Commerce and Economic Development Committee today.
Currently, a business paying the corporation business tax can convert their Business Employment Incentive Program grants to tax credits and get refunds if the tax credit exceeds their tax liability, while businesses paying the Insurance Premium Tax cannot get that refund. Space’s legislation (A4083) would start treating insurance premium tax-paying businesses the same as CBT-paying businesses where both could get refunds.
“Companies earn these grants by creating jobs and putting New Jersey residents to work,” said Space (R—Sussex). “If they earn an award from the program, they should get all of it. Let them use that money to grow their businesses.”
Under the bill, the excess portion of the tax credit will be treated as an overpayment and refunded to the business, provided there are no outstanding tax liabilities.
Also passed by the committee was the Senate companion bill, S-2477 which is sponsored by Senator Steve Oroho (R-Sussex). I also passed, 36-0.