Kyrillos and Tom Kean: Does Governor’s Summit Mean End of State of Denial?

September 22, 2008

Contact: Andy Pratt / 609-292-5199
Senator Joe Kyrillos (R-13), Senator Tom Kean (R-21)

Republican Senate Leader Tom Kean and Senator Joseph Kyrillos, ranking Republican member of the Senate Economic Growth Committee, issued this statement about Governor Corzine’s hastily organized economic forum today in Newark, and called on the governor to finally support economic development bills that were part of the Republican Common Sense Plan for a More Affordable New Jersey introduced in May:

“This state’s economy was in trouble long before Goldman Sachs, Bear Stearns and Lehman Brothers fell on hard times. New Jersey has been bleeding private sector jobs for six years,” Senator Kean said.

“During that time, the governor appears to have been in a state of denial. Businesses called for relief from laws and regulation that made New Jersey uncompetitive and unaffordable, and he ignored them even as more good jobs slipped away. Independent studies ranked New Jersey at or near the bottom among all states for tax policies that encourage small business, and he didn’t champion change. As Republicans repeatedly put forth bills and called for special sessions to reform economic development policies, he said and did nothing.”

“It’s wonderful that the governor now says that he recognizes the seriousness of our situation. As the Star-Ledger noted in a weekend editorial, this problem is deep-seated,” Kean said. “Clearly it demands the attention of the governor and the legislators from both sides of the aisle. We look forward to working with the governor to develop common-sense solutions.”

“It’s encouraging to see that Governor Corzine has begun to focus on our economic problems,” Kyrillos said. “I’m anxious to hear what recommendations come from his meeting today with business leaders. I hope he will finally join with legislative Republicans to pass the essential reforms that have been proposed to revitalize New Jersey’s economy.”

Our state was an economic bright spot for the entire Northeast during the 1990s, Kean and Kyrillos said. The governor can start back down the road of economic growth by throwing the full weight of his office behind the following bills supported by business leaders from all over the state:

S-263 (Kyrillos/Cardinale) – Let’s entrepreneurs carry more operating losses forward so they can use them to lower taxes in more years. The business community considers this change vital to job growth.

S-281 (Kean, T.) — New Jersey Economic Development Promotion Act would jump-start languishing economic development efforts in the state and free up resources to allow expansion of economic development efforts.

A-1449 (DeCroce, A) – Single Sales Factor bill changes law so businesses that are based in New Jersey aren’t taxed more than companies that locate their offices in neighboring states.

S-1874 (Oroho) — Eliminates a rule unique to New Jersey that allows the state to tax business revenue that is not taxed by another state.

S-276 & S-2114 (Kyrillos) — reforms business incentive grants to allow more job-creating businesses to benefit.

S-1466 (Kean, T.) — Expands Urban Transit Hub law to any municipality with a commuter rail station. This allows all towns to stimulate more business growth around the train stations that have spurred economic growth in the state.

Link to Post:

http://www.senatenj.com/index.php/kyrillos/kyrillos-and-tom-kean-does-governors-summit-mean-end-of-state-of-denial/1118