Supporting small businesses, driving sustainable economic growth, and the long-overdue reform of our tax incentives system— the legislation to put New Jersey on a path to economic recovery post-COVID-19 and into the future cleared the Legislature and heads to the Governor.
Receiving strong bipartisan support, the bill was approved by the Assembly, 68-11. The Senate passed the bill. The bill will now go to the Governor for further consideration.
The bill (A-4) is sponsored by twelve (12) Democratic members of the Assembly. Assembly members Lou Greenwald (D-Gloucester, Camden), Gordon Johnson (D-Bergen), Benjie Wimberly (D-Bergen, Passaic), Nicholas Chiaravalloti (D-Hudson), Annette Chaparro (D-Hudson), Anthony Verrelli (D-Mercer, Hunterdon), Vincent Mazzeo (D-Atlantic), Linda Carter (D-Middlesex, Somerset, Union), Eric Houghtaling (D-Monmouth) and Andrew Zwicker (D-Somerset, Mercer, Middlesex, Hunterdon) issued the following joint statement on the bill:
“With the New Jersey Economic Recovery Act of 2020, we’ve created a path to economic rebound for the state’s businesses and our most pandemic- affected communities. This legislation nurtures the states’ long-standing role as the hub of innovation and tech in the Northeast. It continues to help us attract viable businesses, and grow Main Street programs, boosting job creation statewide. Getting residents back to work and creating job opportunities for those who have lost jobs as a result of this pandemic was a priority of this legislation.
“COVID-19’s devastating impact on our state’s economy requires bold steps to ensure our economy rebuilds stronger and better, stabilizing families and their communities.
“A robust incentive package is a necessary economic stimulus. This legislation proudly focuses on many concerns of historically underserved communities spurring remediation and redevelopment of Brownfields sites; the rehabilitation of historic properties; and improving access to nutritious food options by creating a program to help food desert communities.
“This long-awaited legislation is what New Jersey needs to begin to heal our economy from a national public health crisis, and an unprecedented moment in recent history.”