TRENTON, N.J. – Sen. Anthony M. Bucco and Assemblywoman Aura Dunn (both R-Morris) voted today to advance legislation reestablishing a statewide tax incentive program that would boost the struggling Morris County economy.
“The bill we voted for today is far from perfect. However, in a state where our corporate business tax has been increased to more than 10 percent, among the highest in the entire country, doing nothing is not an option,” said Bucco. “We can’t be competitive in Morris County or anywhere in New Jersey without a coordinated statewide effort to compete for major job growth and development opportunities with other states.”
Dunn views the legislation (A4) in much the same way. It will help get unemployed New Jerseyans back to work, which she says is critical at this time.
“I don’t want to let the perfect get in the way of good,” said Dunn. “While it’s not addressing foundational issues to make our state more competitive, like a lower corporate tax rate, this is an important investment for getting people back working in our state.”
Dunn said Morris County would benefit from this bill, particularly along the Route 10 and 46 corridors.
“With more people working from home, too many suburban office parks and corporate headquarters are staying dormant,” continued Dunn. “We have to do everything we can to spur investment and reimagine and grow businesses in our state.”
Prior to the legislation’s passage, Republicans in both the Senate and General Assembly proposed an amendment to include additional emergency relief for struggling small businesses and nonprofits in the legislation.
“Unfortunately, Trenton Democrats blocked the $300 million we sought to include to provide immediate relief for Main Street,” added Bucco. “It’s inexplicable they wouldn’t support helping small businesses in this legislation. We’ll keep trying.”