Senate Majority Leader Barbara Buono is working every day to improve New Jersey's economy. That's why she's striving to create a level playing field for workers and small businesses to prosper and to protect those who have been hit hard by the economic storm.
Senator Buono is implementing smart policies and incentives to make sure our state is a good place to do business and an attractive destination for corporations looking for a new home.
That's why Senator Buono introduced bipartisan tax reform legislation aimed at ending discriminatory tax treatment of small employers by putting them on par with large corporations. Her reforms would consolidate certain business-related categories of income defined under New Jersey's gross income tax. Not only would this proposal give small business owners the ability to recoup losses in future tax years, but it would also encourage entrepreneurs to establish multiple businesses by allowing them to use losses from newer businesses to offset gains from their other, more profitable entities. Senator Buono's goal is to use tax policy to nurture investment, innovation, job retention, hiring and growth -- not discourage it. She's also working to make the tax system fairer so that everyone is contributing to making New Jersey a better state.
In these tough economic times, Senator Buono is also looking out for residents who are out-of-work. She's proposed legislation to streamline the unemployment process and protect laid-off workers from abuse. Her bill would provide incentives to handle unemployment claims quicker and more efficiently. Buono is seeking to more clearly define the steps involved in the appeals process and to double the amount of time employers and claimants have to appeal determinations -- extending the window from 10 to 20 days. Buono's bill would make New Jersey just the fourth state to enact such legislation.
As the prime sponsor of the "Invest in NJ Business Grant Program Act", Senator Buono created an incentive program encouraging businesses to make capital investments, as well as hire and retain new workers. Buono's bill invests in our state's economic vitality and would put us on solid ground to weather the economic storm gripping the nation. The law authorizes the New Jersey Economic Development Authority to oversee a grant program providing capital investment and employment grants to ease the burdens on businesses by reimbursing 7% of their repair and renovation costs. It also authorizes employment grants of $3,000 per new hire to businesses creating full-time jobs and retaining those hires for at least one year.
New Jersey's ability to encourage job growth has a direct impact on the level of economic opportunity afforded all our families. Senate Majority Leader Buono is making sure our state is able to attract the 21st century, high-paying and stable jobs our families deserve. She's creating a welcoming environment for business, supporting innovation and investing in the long-term health of our economy. Just as importantly, Senator Buono is looking out for workers by making sure they have the resources they need to survive these tough times. Senator Buono will continue the fight to create new jobs and protect existing jobs, while incentivizing investment in small businesses to boost our state's economy for years to come.