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Kyrillos Bill to Expand Business Retention and Relocation Assistance Grants Advances

Legislation proposed by Governor Christie and sponsored by Senator Joe Kyrillos (R-Monmouth) and Senator Fred Madden (D-Gloucester) to expand financial assistance grants for current and prospective New Jersey employers has advanced in the Assembly. “An Act concerning the Business Retention and Relocation Assistance Grant Program” (BRRAG), S-2370, would broaden the availability of state financial assistance for those employers who wish to expand operations in or relocate to the State of New Jersey. The bill’s Assembly companions (A-3389, A-3391) were heard today in that chamber’s Commerce and Economic Development Committee.

“With New Jersey’s unemployment rate at 9.4%, state government must use all tools at its disposal to create and retain jobs,” said Senator Kyrillos. “I am proud to join Governor Christie’s efforts to make New Jersey more affordable for job creators by sponsoring this bi-partisan piece of legislation with Senator Madden. Our proposal increases the tax credits available to employers who wish to invest in our great state and expands eligibility for the program. By reducing the corporate and insurance tax burden on job creators, we can change the business climate in New Jersey and put people back to work. Far too many of our friends and neighbors are in search of meaningful employment, and we must do everything possible to motivate job opportunities and the state’s economy.”

BRRAG provides credits against corporate taxes levied on businesses for those employers that retain jobs scheduled for elimination, expand operations, or relocate from another state to New Jersey. Senator Kyrillos’s bill eliminates various caps and restrictions on BRRAG grants in an effort to expand eligibility and participation under the program. In addition, the proposed changes would allow participating businesses to utilize credits for capital purchases under certain circumstances. The plan is scheduled for a hearing in the Senate Budget and Appropriations Committee on November 15, 2010.

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Posted: November 8th, 2010 | Author: | Filed under: Chris Christie, Joe Kyrillos, Press Release | Tags: , | 1 Comment »

One Comment on “Kyrillos Bill to Expand Business Retention and Relocation Assistance Grants Advances”

  1. TR said at 8:58 am on November 9th, 2010:

    So we bribe companies to come here and when they get a better bribe somewhere else they leave.

    A much better approach would be to reduce taxes and the regulatory burden. This gives them a permenant incentive to stay.

    The easiest way to do that is to do away with entire state government departments. I’m talking radical surgery.

    Another way to spur the economy in NJ.
    This is a great idea. It will reduce the tax burden on everyone and create thousands of high paying jobs. Are you ready?
    Off shore oil drilling.