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NJ senate passes jobs legislation, including tax cuts, exemptions
A package of tax cuts, credits and exemptions designed to encourage job growth in New Jersey were passed by the state Senate Monday.
The 13 bills would cost the state treasury more than $100 million in tax revenue a year, if they become law.
Another bill in the package could accelerate the use of up to $200 million in tax credits already on the books for developments near urban transit hubs.
Senate President Stephen Sweeney, D-Gloucester, whose caucus has made job growth its election-season focus, called the bills a good start. The bills include measures, such as tax credits for investments in technology startups, that Gov. Chris Christie vetoed last winter.
“We have a lot of work to do. The economy can’t wait any longer,” Sweeney said. “It was wrong when he vetoed the first package of bills. The economy didn’t get better since then. A lot of these are tax credits or incentives. If we create jobs from this and don’t collect as much revenue but we’re putting people to work, that’s a win.” (Symons, Gannett)