|Bucco Introduces Bill to Promote Manufacturing & Job Growth in Distressed Suburbs
Senator Anthony Bucco (R-25) has introduced legislation to promote manufacturing and job growth in certain distressed suburban municipalities through new tax incentives under the Grow New Jersey Assistance Program.
“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. “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.”
Senator Bucco said that he hopes to work with the Legislature’s new manufacturing caucus on this bill and other efforts to support manufacturers that are critical to New Jersey’s economy.
“This legislation should be considered by the Legislative Manufacturing Caucus as it begins to compile all of the ideas that have received to help our New Jersey’s manufacturers, and I look forward to it becoming bipartisan and bi-cameral as the manufacturing caucus is,” said Bucco.
Bucco’s legislation, 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 “manufacturing zone municipality.”
The bill defines a “manufacturing zone municipality” as a municipality that is located in a suburban area designated for growth pursuant to the “State Planning Act” where the annual per capita income is less than $30,000, and established an area zoned within the municipality for the purpose of locating manufacturing facilities.
“Speaking as a small business owner, I truly believe that most manufacturers want to stay in New Jersey,” added Bucco. “We just need to offer a financially viable alternative to lower-cost locations in the South and across the Delaware that are working hard to lure our good manufacturing jobs away. The incentives I’ve proposed would help more of those employers to make the numbers work to stay and grow right here in New Jersey.”