State Senator Anthony Bucco (R-25th District) has introduced legislation to provide new tax incentives to businesses in financially distressed municipalities under the Grow New Jersey program.
The new bill, S-3550, would establish a base tax credit of $4,000 annually for each new or retained full-time job for an eligible business operating a manufacturing facility in a state-designated manufacturing zone municipality.
The manufacturing zone municipality would be a city or municipality in which the annual per capita income is less than $30,000, and has an established area zoned specifically for manufacturing facilities.
Bucco said in a press release that he will work on hammering out the legislation with the state’s Manufacturing Caucus – a group of local politicians and business leaders created in August to explore ways to strengthen the manufacturing industry.
“This legislation is directed by my belief that every New Jersey town deserves the opportunity to thrive, and every resident the opportunity to work and succeed,” said Bucco in a press release. “It addresses a deficit in New Jersey’s economic development incentives which overlook the needs of lower-income suburbs. Many of those towns that have suffered from a shift of manufacturing to lower cost states don’t benefit from incentive programs that are designed primarily to drive employers to a few urban areas like Newark and Camden.”