Bill Text: NJ A2402 | 2012-2013 | Regular Session | Introduced
Bill Title: Provides bonus awards to certain businesses who hire employees who were previously unemployed for more than 13 weeks.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Engrossed - Dead) 2012-05-03 - Received in the Senate, Referred to Senate Labor Committee [A2402 Detail]
Download: New_Jersey-2012-A2402-Introduced.html
Sponsored by:
Assemblyman NELSON T. ALBANO
District 1 (Atlantic, Cape May and Cumberland)
Assemblyman MATTHEW W. MILAM
District 1 (Atlantic, Cape May and Cumberland)
Assemblyman TROY SINGLETON
District 7 (Burlington)
Assemblywoman MARLENE CARIDE
District 36 (Bergen and Passaic)
Assemblywoman SHAVONDA E. SUMTER
District 35 (Bergen and Passaic)
SYNOPSIS
Provides bonus awards to certain businesses who hire employees who were previously unemployed for more than 13 weeks.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning bonus awards to certain businesses and amending P.L.2004, c.65 and P.L.2011, c.149.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 5 of P.L.2004, c.65 (C.34:1B-115.1) is amended to read as follows:
5. a. (1) In addition to any grant of tax credits determined pursuant to section 7 of P.L.2004, c.65 (C.34:1B-115.3), a bonus award equivalent to 50% of the amount of the original grant of tax credits shall be made to any business that relocates more than 2,000 full-time employees covered by the project agreement from one or more locations outside of a designated urban center into a designated urban center, provided that all other applicable requirements of P.L.1996, c.25 (C.34:1B-112 et seq.) are satisfied; and provided further that no grant of tax credits shall be awarded pursuant to this section for any job that is moved from its current location in an urban enterprise zone designated pursuant to the "New Jersey Urban Enterprise Zones Act," P.L.1983, c.303 (C.52:27H-60 et seq.) to a location that is not within an urban enterprise zone; however, that if the move from the urban enterprise zone is to a facility already owned or leased by the same business and that business already employs at least the same number of persons as those being relocated from the urban enterprise zone a grant of tax credits may still be awarded pursuant to this section.
(2) In addition to any grant of tax credits determined pursuant to section 7 of P.L.2004, c.65 (C.34:1B-115.3), a bonus award equivalent to 50% of the amount of the original grant of tax credits awarded pursuant to section 7 of P.L.2004, c.65 (C.34:1B-115.3), shall be made to any business for each new full-time job created and filled by a full-time employee who had, immediately preceding the hiring, been receiving unemployment benefits for at least 13 weeks pursuant to the provisions of the "unemployment compensation law," R.S.43:21-1 et seq.
b. In addition to any grant of tax credits determined pursuant to section 7 of P.L.2004, c.65 (C.34:1B-115.3), and in addition to any bonus award pursuant to subsection a. of this section, a bonus award equivalent to 50% of the amount of the grant of tax credits pursuant to section 7 of P.L.2004, c.65 (C.34:1B-115.3) shall be made to any business that makes a capital investment in an amount that is at least twice that of the total value of the grant of tax credits granted pursuant to section 7 of P.L.2004, c.65 (C.34:1B-115.3) and the grant of tax credits pursuant to this subsection. A bonus award made pursuant to this subsection may be limited, so that when added to the tax credits granted pursuant to section 7 of P.L.2004, c.65 (C.34:1B-115.3), the total amount shall not exceed 50% of the amount of the capital investment in this State.
(cf: P.L.2010, c.123, s.4)
2. Section 5 of P.L.2011, c.149 (C.34:1B-246) is amended to read as follows:
5. a. The value of each tax credit for an eligible business shall be equal to $5,000 per year for a period of ten years for each new or retained full-time job determined by the authority pursuant to section 3 of P.L.2011, c.149 (C.34:1B-244) to be located at the qualified business facility, subject to the provisions of this section.
b. In addition to any grant of tax credits determined pursuant to subsection a. of this section, a bonus award of up to an additional $3,000 per job of the amount of the original tax credits may be made to any eligible business as determined by the authority. In making a bonus award to an eligible business, the authority shall consider the following factors, such that whether the business: (1) is an industry identified by the authority as desirable for the State to maintain or attract; (2) locates or relocates to a location within a qualified incentive area adjacent to, or within walking distance or short-distance-shuttle service of, a public transit facility, as determined by the authority, by regulation; (3) creates jobs using full-time employees in eligible positions whose annual salaries, according to the Department of Labor and Workforce Development, are greater than the average full-time salary in this State; or (4) is locating to a project site that is or has been negatively impacted by the approval of a "qualified business facility," as defined pursuant to section 2 of P.L.2007, c.346 (C.34:1B-208).
In addition to any grant of tax credits determined pursuant to subsection a. of this section, a bonus award of up to an additional $3,000 per job of the amount of the original tax credits shall be granted to an eligible business for each new full-time job created and filled by a full-time employee who had, immediately preceding the hiring, been receiving unemployment benefits for at least 13 weeks pursuant to the provisions of the "unemployment compensation law," R.S.43:21-1 et seq.
c. Notwithstanding the provisions of subsections a. and b. of this section, (1) the amount of tax credits available to be applied by the business annually shall not exceed the lesser of one tenth of the capital investment certified by the authority pursuant to section 6 of P.L.2011, c.149 (C.34:1B-247) or $4,000,000, and (2) the number of new full-time jobs for which a business receives a tax credit shall not exceed the number of retained full-time jobs for which a business receives a tax credit, unless the business qualifies by creating at least 100 new full-time jobs in an industry identified by the authority as desirable for the State to maintain or attract.
(cf: P.L.2011, c.149, s.5)
3. This act shall take effect immediately, but shall remain inoperative for 30 days following the date of enactment.
STATEMENT
This bill allows businesses that are eligible under the "Business Retention and Relocation Assistance Grant Program" ("BRRAG") or the "Grow New Jersey Assistance Program" ("Grow NJ") to receive a bonus award of a grant of tax credits for each new full-time job created that is filled by an unemployed person who had been receiving unemployment benefits for at least 13 weeks immediately preceding the hiring. Under the bill, the bonus awards for these eligible businesses would be: 1) equivalent to 50% of the amount of the original grant of tax credits awarded under BRRAG; and 2) up to an additional $3,000 per job of the amount of the original tax credits awarded under Grow NJ.
