Senator Kyrillos is committed to supporting aggressive reform in order to create good-paying New Jersey Jobs. Maintaining fiscal discipline at every level of government, pro-active outreach to the business community and a fiscally-responsible package of pro-growth tax incentives and reforms is the way to achieve New Jersey's economic recovery.
Senator Kyrillos has also sponsored legislation that helps to overhaul the State government's regulatory system and reduce red tape which stunts economic growth and imposes added costs on businesses and citizens.
Tax Reform and Incentives to Spur Job Growth and Business Expansion
Senator Kyrillos knows that New Jersey's tax policy must reflect the reality of today's global economy. New Jersey businesses and workers compete not only with companies in other states, Canada and Mexico, but also with manufacturers and service providers in Asia, Europe and other parts of the Americas. Reforms are being created with input from job creators around the state, who have stressed the need for tax reforms to increase the state's competitiveness, improve the business climate and create Jersey Jobs.
Single Sales Factor:
Senator Kyrillos supports the move to a single sales factor, which will remove barriers to firms seeking to locate and grow their business and jobs in New Jersey, while also helping retain companies with headquarters in the state
Increase in the Research and Development Credit to 100%:
Joe supports Governor Christie's proposal which allows critical, economically-beneficial research and development spending in the state to be used to offset all of the corporate tax liability. This will help New Jersey regain and grow its reputation as a home for innovation.
Senator Kyrillos also supports specific incentives and support for Economic Development Programs:
Double Funding for the Technology Business Tax Certificate Transfer Program:
Recognizing New Jersey's high-tech and biotechnology sectors as a foundational strength of the state's economy and an area that presents a clear opportunity for sustainable growth in good, high-paying jobs, Senator Kyrillos supports expanding funding to this program from $30 million to $60 million. This will increase the amount of capital these innovative firms can raise, increase their odds of succeeding in the state and increase the quality employment opportunities for New Jerseyans.
Long-Term Property Tax Relief
Senator Kyrillos realizes that these initiatives alone will not slow local government growth to reasonable levels; a cap on tax revenue will force local governments to make tough decisions, cut spending and find new efficiencies. Local governments will continue to be encouraged to adopt additional cost saving measures, including the sharing of services, consolidating where it makes sense, and continuing to press for compliance with municipal "Best Practices" to ensure the most efficient and effective use of taxpayer dollars.