New Jersey's 26th Legislative District

Senator Joe Pennacchio

Senator Joe Pennacchio

Pennacchio Announces New Senate Republican Bills to Foster Job Creation, Retention

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Following the most-recent news of a major New Jersey employer reportedly going to move its operations and employees to a more affordable, business-friendly state, Assistant Senate Republican Leader Joe Pennacchio unveiled several new bills to lower excessive costs for businesses and in turn create opportunities for New Jersey families, residents, entrepreneurs and employers.

Sen. Joe Pennacchio unveiled the “Reducing Excessive Costs” package of legislation to lower costs for New Jersey businesses and create opportunities for families, residents, entrepreneurs and employers. (SenateNJ.com)

“Today we read of yet another company that could take 1,000 hard working employees and families to a state where it reportedly costs as much as 20 percent less to do business,” said Pennacchio. “We know from talking with employers that we have to take feasible steps to address the high energy costs and overall cost of doing business in New Jersey that puts companies here at a steep disadvantage and makes it much more difficult to add jobs. We also need a fuller understanding of how New Jersey’s tax policies and incentive programs stack up to those in other states.”

This “Lowering Excessive Costs” package of legislation is the third phase of Senate Republicans’ statewide rollout of a new six-part job creation and economic growth package, which will not cost taxpayers extra money and should easily attract bipartisan sponsors and support.

“I’m pleased today to announce measures to help lower excessive costs for businesses in New Jersey and to make it easier for companies to grow and expand right here in communities across New Jersey, without costing taxpayers extra money,” Pennacchio said. “This package of legislation will help make our state more competitive by cutting energy costs so employers can spend on growth and expansion, and it will cut development fees and restore grants that barring a reduction in New Jersey taxes and fees make it feasible for companies to expand here. By taking a deeper look at New Jersey’s tax and incentive programs this legislation will provide a clear picture of what else needs to be done to help retain and attract more businesses and jobs in communities across the state.”

Here is a briefing of the “Lowering Excessive Costs” bills unveiled today by the Senator:

  1. Cuts energy bill surcharges that fund underutilized and extraneous programs. This bill will lower energy costs for businesses, making it easier for them to hire more workers and expand operations in New Jersey. Reducing this cost will not add any stress to the General Fund of the State Budget. (S-2860, sponsored by Senate Republican Joe Pennacchio).
  2. Creates a task force to study and compare the effects of New Jersey’s tax policies and tax incentive programs to those in other states. This bill will provide greater information as to whether the state’s tax incentive programs are successful and insight as to how the state’s tax policies stack up against those of competing states. (S-2708, sponsored by Senate Republican Steven Oroho and Senate Democrat Paul Sarlo).
  3. Requires Division of Taxation to study the impact the state’s business income tax has on employment and businesses coming to and leaving New Jersey. This bill will give state leaders a deeper understanding of how the state’s tax policies effect job creation and business owners’ decisions to operate in New Jersey and will hopefully lead to policies that will help keep more businesses and jobs in the state. (S-695, sponsored by Senator Joe Kyrillos).
  4. Eliminates commercial development fees to fund affordable housing that were mandated in 2008 by Governor Corzine. By repealing the “Statewide Non-Residential Development Fee Act” this bill removes an onerous impediment to job creation and new business development in New Jersey. (S-934, sponsored by Senate Republican Jennifer Beck and Senate Democrat Ronald Rice).
  5. Restores the state’s Business Employment Incentive Program grants for businesses that were cut from the Fiscal Year 2015 state budget. Restoring the BEIP grants will help businesses add thousands of jobs and increase New Jersey’s ability to attract and retain businesses, and yet it will not impact the State Budget because the FY15 State Budget was originally designed to cover this expenditure and would still have enough funds for it after the Governor’s budget vetoes. (S-2777, sponsored by Senate Republican Joe Kyrillos and Senate Democrat Raymond Lesniak).

In the coming weeks, the media will be advised as Senate Republicans continue to tour the state to help grow the economy and create opportunities for people, by unveiling more new legislation in these three remaining categories of the jobs bill package:

  • Reducing Burdensome Regulations
  • Enhancing Tourism & Agriculture
  • Improving New Jersey’s Economic Development Policies & Programs

Meanwhile, Senate Republicans continue to push other cost-cutting solutions to lower nation-high property taxes; simplify and reduce this state’s income tax structure; and make government more efficient and less burdensome.

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