Space bill passes Assembly

TRENTON — Assemblyman Parker Space’s bill enabling qualifying businesses to get a refund for the excess portion of their Business Employment Incentive Program tax credit earned Assembly approval.
A business paying the corporation business tax can convert their BEIP grants to tax credits and receive a refund if the credit exceeds their liability, while businesses paying the insurance premium tax cannot get that refund.
Space’s legislation would treat insurance premium tax-paying businesses the same as CBT-paying businesses, with both able to get refunds.
“These are grants earned by companies for creating jobs and putting New Jersey residents to work,” said Space (R—Sussex, Warren, Morris). “If they are meeting expectations and hiring new employees, they should benefit from all of the money they have earned through BEIP. They can invest the refund in more growth and new jobs.”