Job Creation Measure Advanced By Assembly Panel [AUDIO]
Legislation advanced Thursday by the Assembly Labor Committee aims to spur job growth in the Garden State.
The bill, A-2402, would offer bonus tax credits to certain businesses for every full-time job that is filled by a person who has been receiving unemployment benefits for at least 13 weeks immediately preceding the hiring.
Eligible businesses would be those that relocate to New Jersey or add another location in the state.
"There's a lot of businesses still anticipating and waiting to see what New Jersey is doing," explained bill sponsor Assembly Democrat Nelson Albano. "Hopefully this will be one of those incentives to bring them back into the state."
Albano said the bill wouldn't only lower the unemployment rate, but also put dollars back into the state's economy.
"You have people who are now making money and spending money in their community," Albano said.
"Rewarding job creation for out-of-work New Jerseyans is a sensible way to reinvigorate the economy," said Assembly Democrat Shavonda Sumter, who also sponsors the measure. "Anything that can foster job growth is, quite simply, a vital step for our residents."
Also, for a business to be eligible for the bonus tax credits, each new full-time employee must be employed for no less than 12 months.
Assemblyman Jay Webber (R) voted against the bill, saying it "micromanages the economy."
"The best thing we can do to create jobs in the state is to get out of the business of telling people who to hire and who not to hire," explained Webber.
The measure was approved by a vote of 6-2-1.