Senator Joe Kyrillos, a member of the Senate Economic Growth Committee, applauded the unanimous release of S-265 from the Senate Budget and Appropriations Committee. The measure would reform the Business Employment Initiative Program (BEIP) to allow qualified employers to elect to take a tax credit for jobs creation. Senator Kyrillos was the original sponsor of the BEIP.
“In this economic environment it is vital that we take every step possible to encourage job creation in New Jersey,” Kyrillos stated. “It is alarming that published reports indicate that New Jersey will have fewer private sector jobs at the end of the decade than had at the beginning, this is unprecedented.”
The BEIP was adopted in 1996 to stimulate and reward job creation. The program awarded incentive grants to businesses based on a percentage of income taxes paid to either expand in New Jersey or to relocate to the state.
To qualify for the BEIP, business must create 25 new jobs over 24 months or 10 new jobs over 24 months if they are an emerging technology or biotech company. Since its inception the program has disbursed $1.2 billion in grants and created 71, 000 jobs.
No single governor or legislature can steer the economy out of a global recession. But what we can do and must do is make New Jersey competitive again. . We must focus on implementing policies that encourage job creation and not return to failed policies that discourage innovation and growth,” Kyrillos concluded.
Link to Post:
http://www.senatenj.com/index.php/kyrillos/kyrillos-job-creation-bill-clears-senate-committee/1527
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February 27, 2008
