Bill Expanding Business Tax Credits Clears Budget Committee

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TRENTON — Legislation sponsored by Senator Tom Kean, Jr. expanding a tax credit program for businesses located near commuter rail stations has cleared the Senate Budget and Appropriations Committee. S-1020 expands eligibility for transit hub tax credits to employers located in any municipality with a public railroad station.

“This legislation will help address two of New Jersey’s major challenges: job creation and traffic congestion,” said Kean (R-Union.) “This bill serves as a catalyst to economic development by making more businesses located near public commuter rail stations eligible for tax credits, meaning more jobs created by current employers and more incentives for businesses to choose New Jersey as their base of operations. Furthermore, encouraging development in areas with access to our public transportation infrastructure takes cars off the road and will unclog New Jersey’s congested highways. I am encouraged that the Budget and Appropriations Committee unanimously approved this measure, and hope that it meets with similar bi-partisan support when it reaches the floor of the Senate.”

The bill now moves to the full Senate for consideration. Kean said he is “hopeful that this, and other job creation proposals offered by Republicans since the beginning of the legislative year” will be considered by the Legislature before the year’s end.

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