Trenton, NJ – Lt. Governor Kim Guadagno today told the Greater Monmouth Chamber of Commerce that the pro-business policies of the Christie Administration are producing results, noting that about 7,200 private sector jobs were created statewide in February.
“Compare that to the fact that in 2009, New Jersey lost 120,000 private sector jobs,’’ Lt. Governor Guadagno commented at the Chamber’s breakfast meeting at the Battleground Country Club.
“Our job is to put people back to work and that is beginning to happen,’’ she said. “Things have really changed in one year.”
The Christie Administration has proposed a series of tax cuts and credits to help make New Jersey a home for growth and job creation. They include:
- ·Moving to a formula that bases the corporate tax on in-state sales only.
- ·Allowing businesses that file under the gross income tax instead of the corporate business tax to carry losses forward to offset future profits.
- ·Lowering energy bills by eliminating the TEFA (Transitional Energy Facilities Assessment), an outdated tax on energy costs that was supposed to have expired nine years ago.
- ·Reducing the minimum S corporation tax by 25 percent.
- ·Increasing tax credits for research and development expenditures.
“Many times, these tax benefits go to small businesses, small businesses that are able to hire more people,” the Lt. Governor said.
Lt. Governor Guadagno is also in the midst of visiting 100 businesses across New Jersey to stress the state’s commitment to economic development.
“We intend to reach out to business people and tell them that they are welcome in New Jersey,” she said.