Encouraging Economic Growth...Everywhere

Last year, CIANJ supported legislation designed to spur investment in New Jersey's cities. The Urban Hub Transit Act, which passed and was signed by Governor Corzine, offers a 10% tax credit on the Corporate Business Tax (CBT) per year for ten years if a company makes a substantial investment and brings jobs to within 1/2 mile of a rail station in nine cities. The bill's intent is to encourage the use of mass transit and be used as a tool for economic development.

While the bill was worthwhile, Sen. Tom Kean, Jr. has introduced legislation to make it more expansive. S-1466 would make companies eligible for the tax credit if they make a capital investment of $75 million and create new jobs within 1/2 mile of a rail station in any municipality. As the Senator notes in today's Record,

"If it's good for one community, it should be good for every community," he said. "If we are trying to encourage growth within New Jersey, we are trying to encourage the use of mass transit, let's create growth or opportunities for growth in areas that already have mass transit available."