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Assembly to Vote on Economic Stimulus Bill

On Monday, the Assembly is scheduled to vote yet again on A-3680, better known as the New Jersey Economic Opportunity Act of 2013. The intent of the legislation is to boost and aide certain redevelopment projects in New Jersey which will create and retain private sector jobs in New Jersey.  What started out as a 40 page bill earlier this year has ballooned to more than 80 pages as legislators fight to make projects and businesses in their districts eligible for more than $600 million in various tax credits and grants.  The bill consolidates New Jersey’s five business incentive programs into two programs (Grow New Jersey Assistance Program and the Economic Redevelopment & Growth Program) and lowers eligibility requirements.  Certain residential projects will be captured along with commercial and industrial projects/businesses located near or along the New York and South Jersey Ports, projects/businesses located in New Jersey’s distressed communities (aka Garden State Growth Zone), and projects near Atlantic City.  The Governor is poised to conditionally veto certain sections of the bill including the requirement to pay the prevailing wage for certain projects.  For more information, please see the bill here: A-3680

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    The mission of Commerce and Industry Association is to be the leader in free enterprise advocacy for the purpose of fostering, through education, legislative vigilance and membership interaction, an economic climate that enhances business potential and makes New Jersey a better state in which to live, work and conduct business.

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