CCSNJ Supports Pro-Business Bills in Senate Economc Growth Committee
Friday, November 14, 2008

MEMORANDUM

TO: Members of the Senate Economic Growth Committee

FROM: Christina M. Genovese, Manager, Government Relations

RE: S-4 (Sarlo)

S-5 (Stack)

S-2114 (Kyrillos/Cunningham)

DATE: November 13, 2008

The Chamber of Commerce Southern New Jersey supports S-4 (Sarlo), S-5 (Stack) and S-2114 (Kyrillos/Cunningham) which are business friendly measures that will help encourage economic growth in New Jersey.

S-4 (Sarlo) establishes the "Main Street Business Assistance Program," which Governor Corzine outlined as a part of his Economic Assistance and Recovery Plan. This program would stimulate the economy and spur community investment during our current economic crisis by providing loans and guarantees to small and mid-sized businesses and non-profits for a period of two years.

The Chamber also supports S-5 (Stack), which broadens the small qualified business exception under UEZ sales tax rebate program. Although the Chamber believes that all businesses in UEZ zones should not be required to pay sales tax on purchases up front, we believe this bill is a step in the right direction towards widening the current UEZ qualifications.

Lastly, the Chamber supports S-2114 (Kyrillos/Cunningham), which would revise certain eligibility requirements and employment incentive limitations and provide for an extension of certain grant agreements under the Business Employment Incentive Program (BEIP). We believe this bill would further enhance the BEIP program, especially in urban areas where job growth is an essential catalyst for economic viability. Additionally, the Chamber supports allowing BEIP businesses to count “permitted contract workers” as new employees for purposes of incentive agreements and the extension of grant agreements for an additional period not exceeding five years, if the business agrees to an additional post-grant retention period in the amount of 1.5 times the additional term granted.

The passage of these bills sends a strong signal to the business community that our policymakers recognize the position New Jersey is in terms of competitiveness and are serious about positioning our state to rebound more quickly when the economy starts to turn around.

For these reasons, we urge you to support S-4 (Sarlo), S-5 (Stack) and S-2114 (Kyrillos/Cunningham).