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Senator Kyrillos: Economic Measures Long Overdue
By Andrew PrattSenator Joseph Kyrillos, ranking Republican on the Senate Economic Growth Committee, issued this statement noting that Democrats now are advocating economic development reforms that Republicans have been championing for more than six years:
"Let's be clear. I and other New Jersey Republicans pushed for economic development reform long before unemployment started to soar for highly paid Wall Street traders. We were for job creation when factory workers and drug company researchers and telecommunications technicians were losing their jobs and homes. We remain its champions now.
"These are vitally needed reforms, so we welcome the Democrats support for measures incorporated into S-263, a bill I introduced four years ago that would allow entrepreneurs to stretch deductions for losses over 20 years. This is a measure that struggling start-up companies say is vital to their ability to survive and create jobs in our state.
"I also urge quick consideration and passage of my bill, S-2136, which would end the tax penalties that businesses pay for locating their headquarters in New Jersey rather in neighboring states. Legislators should also quickly approve S-2114, which would relex restrictions so that more job-creating businesses can take advantage of our economic development (BEIP) grant program.
"New Jersey can't do much to combat soaring oil prices, the credit crunch or the turmoil shaking the national and world economies. We can take measures to ensure our economy is producing the maximum number of jobs and opportunities for our entrepreneurs today. Economic development reform is long overdue in New Jersey."
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