NJ already revamps plan to dole out $14B in business tax breaks
Published: July 5, 2021
Governor Phil Murphy announces his major economic agenda on October 1, 2018 in Nutley, NJ. (Edwin J. Torres/Governor s Office)
TRENTON – Sweeping changes have already been approved for the 7-year, $14 billion tax incentive programs enacted in January.
At least one is directly related to the pandemic, making it a bit easier for businesses to receive credits even if their employees are working from home. But nearly every new incentive program was tweaked in some way in the 213-page bill, which Gov. Phil Murphy signed into law Friday.
Business tax incentives had been allowed to go dormant, in a standoff between the executive and legislative branches as the Murphy administration hired outside counsel to investigate the previous incarnation of the program. The Legislature refused to act on Murphy’s economic development plan until finally reaching a compromise late last year.
To help summer economy, NJ may let teens work 50 hours a week
TRENTON – State lawmakers have an idea for easing the labor crunch: Let kids work overtime this summer.
Not all kids, just 16- and 17-year-olds. And they’d need written permission from a parent or legal guardian.
Those teenagers are now limited to 40 hours of work a week, but legislation advancing at the Statehouse would raise that limit to 50 hours a week through Labor Day.
Laura Gunn, vice president of government relations for the New Jersey Chamber of Commerce, supported the plan as way to in particular bolster Shore businesses in position for a great year as COVID-19 fears and restrictions recede.
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