The New Jersey Chamber of Commerce thanks Gov. Phil Murphy for signing the new economic incentive legislation. The Chamber also wishes to thank the lead sponsors of the legislation, Assemblywoman Eliana Pintor Marin and Sen. Teresa Ruiz, and the other sponsors, as well as Senate President Steve Sweeney and Assembly Speaker Craig Coughlin for their efforts in crafting and managing this bill.
The fact that this economic incentive legislation passed both houses of the New Jersey Legislature by overwhelming margins (68-11 in the Assembly and 38-1 in the Senate) speaks to the recognized need for New Jersey to regain its competitive footing if we are to reopen and revitalize our state’s economy.
The N.J. Chamber believes these new economic incentives are a strong first step in that direction and will serve as a foundation on which to build a truly impactful economic recovery program.
The state Legislature is also currently considering a variety of measures that the N.J. Chamber believes will strengthen economic recovery, including legislation that provides incentives for small businesses to hire unemployed workers, encourages “main street” business development in small communities, allows tax credits for creating jobs through the federal PPP program and makes equity investments in businesses harmed by major economic emergencies.
We urge legislative leaders and the governor to enact these and other economic development programs which would go a long way to achieving Gov. Murphy’s long stated goal of creating a strong, as well as a fair, economy for everyone in New Jersey.
