Oroho business legislation signed into law

TRENTON — Bipartisan legislation sponsored by Senator Steve Oroho to allow businesses that were due to receive grants under the state’s Business Employment Incentive Program to now receive an equal tax credit in value is now law after being signed today by Gov. Chris Christie.

“With today’s bill signing the state will now be able to stand true to its word and fulfill its commitment to businesses that signed deals with the state under BEIP to move to New Jersey or expand operations here,” said Oroho. “These tax credits will allow businesses that had been waiting for BEIP funds to now continue to hire more workers and spur economic growth. By fulfilling the state’s obligation to these businesses we are now also sending an important message to the business community that New Jersey continues to stand ready to partner in creating more business opportunities across the state.”

Senator Oroho’s bill allows a business that was due to receive a grant under BEIP to direct the New Jersey Economic Development Authority to convert the grant to a refundable tax credit against its corporate, gross income, or insurance premium tax liability. The bill allows a business that does not pay corporate business taxes to apply to the authority for a tax credit transfer certificate that could be sold to another business.