Bucco Calls for Tax Incentive Bill to Include Help for Small Businesses & Nonprofits

Senate Democrats Block Effort to Help Main Street in Multi-Billion Dollar Legislation

During today’s meeting of the New Jersey Senate to consider legislation (S-3295) to reestablish a State tax incentive program, Senator Anthony M. Bucco (R-25) urged his colleagues to support an amendment to the bill that would include $300 million for emergency relief of small businesses and nonprofits struggling under the impact of COVID-19.

Included below are Bucco’s remarks prior to the amendment being blocked by Democratic majority:

“The bill we are voting on today is far from perfect. However, in a state where our corporate business tax has been increased to more than 10%, to among the highest in the entire country, don’t nothing is not an option. we simply won’t be competitive if we don’t pass something like this bill with all its imperfections.

“The process that led to this bill was rushed, and there are mistakes because of it. We aren’t going to fix every problem today, but there is one that we must fix. This bill has no meaningful support for small businesses and nonprofits on our Main Streets that are going belly up every day because of the impacts of COVID-19.

“In my district, like all of yours, I could name dozens of restaurants, small retail stores, and community establishments that have already closed their doors forever – many after having been run for generations. We all know that if we don’t step up and provide meaningful relief that addresses the impacts of COVID-19 on our smallest businesses and nonprofit organizations, many more families will lose a source of income, something they took pride in building, a source of jobs, the lifeblood of our economy.

“We have a budget that can support substantial help for these people, and, in fact, there is $4 billion of borrowed money collecting dust that was promised to be used for exactly this reason.

“I understand that my good friend and colleague Senator O’Scanlon will be moving an amendment to this bill with broad support in our caucus to fix this glaring omission. I hope that when he does, everyone in this chamber will vote yes.

“Even with the amendment, the bill won’t be perfect. But at least it won’t be turning a blind eye the to suffering that we have the ability and the responsibility to address – something we surely can afford if there is room for billons of dollars in tax credits for bigger businesses.

“Join with us and make this bill better before we cast a vote. Don’t turn your backs on small business and nonprofits in each of our communities.”

Inexplicably, Senate Democrats immediately tabled the Republican amendment that would have included support for small businesses and nonprofits in the tax incentive legislation.