Category Archives: INVEST NJ

Who Says Corzine Hasn’t Done Enough For Business?

Critics of Governor Corzine are quick to jump on the “Wizard of Wall St.” for being out of touch with the needs of the business community. They say that for all of his financial knowledge and wizardry, the Governor’s policies and the actions of the Democrats in the State House have lead to high taxes and unnecessary, burdensome regulations being placed on businesses throughout New Jersey. These burdensome taxes and regulations are pointed to by critics as the reason for job losses and business flight from the state.

Of course many of Governor Corzine’s critics forget that New Jersey didn’t get this way over night, Democrats have not always been in control of Trenton, the Republicans had their chances to screw up the State during the beginning part of the decade.

You wouldn’t know it from all of the negativity brought on by the recession but Governor Corzine has been very proactive in trying to promote business in the state. The Corzine Administration has positively changed the business climate in New Jersey by streamlining government, tackling property taxes, investing in our public infrastructure, revitalizing our urban centers and investing in new technology. And yes, it’s true whether you wish to believe it or not, New Jersey is poised to rebound from the global recession stronger than ever before because of Jon Corzine.

The New Jersey Economic Assistance & Recovery Plan which was devised back in October by the Governor was the first plan of its kind in the nation to launch a comprehensive economic recovery plan to address the effects of the recession on our state:

INVEST NJ, one of the cornerstones of the Governor’s plan has exceeded everyone’s expectations thus far. It provides $3,000 for each new full time job created and maintained in NJ to eligible businesses, it is expected to create 16,666 new private sector jobs in 2 years as well as provides for $70 million in grants to offset sales tax on capital investment for business operations.

The Main Street Business Assistance program provides $50 million in financing for small and mid-sized businesses.
The Corzine administration made significant, long-term legal, tax and accounting adjustments sought by the business community, which is estimated to result in more than $125 million in savings for NJ businesses.

Over the past 3 years Governor Corzine has supported urban investment and revitalization by enhancing the Urban Enterprise Zones, which supports 150,000 jobs and has garnered $24 billion in new private investment.

Jon Corzine has championed the construction of the Mass Transit Tunnel between NJ and Manhattan. The Mass Transit Tunnel will create 6,000 construction jobs each year over the life of the project, and generate 44,000 permanent jobs upon its completion. The Tunnel will add $10 billion in gross regional product and $4 billion in additional real personal income. And with help from President Obama’s American Recovery and Reinvestment Act other desperately needed infrastructure projects will be made possible which will lead to even more job creation over the next 2 years.

Finally, two areas in which the Governor doesn’t seem to get credit for is his efforts are at streamlining government and the environment

The Governor centralized the economic decision-making in the Governor’s Office of Economic Growth and consolidated the Economic Development Authority. He also strengthened New Jersey’s finances by reducing the size of government. Jon Corzine eliminated agencies and cut the workforce by 7,000 positions.

The Governor increased the efficiency at the Department of Environmental Protection by convening a permit task force and signed the landmark Permit Extension Act and he also signed legislation to expedite the remediation and redevelopment of more than 20,000 contaminated sites in New Jersey.

New Jersey is better off today because of the good work Jon Corzine has done over the past 3 years as our Governor, as the economy turns around lost jobs will return. And with the policies put in place by Jon Corzine, New Jersey will not only be more business friendly it will also lead the Nation in job creation.

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Filed under Gov. Jon Corzine, Governor’s Office of Economic Growth, INVEST NJ, Main Street Business Assistance program, New Jersey Economic Assistance Recovery Plan

Newsletter From Rush Holt

With the continuing turmoil in our financial markets, we must address its effect on the retirement security of American families. According to the Congressional Budget Office, American workers have lost as much as $2 trillion in retirement savings over the last year. Americans rightly are worried that their savings will not be there to meet their needs as they hoped. We have also seen leading companies freeze or end their defined contribution, 401(k), plans. Further, even some defined benefit plans, which provide retirees with a guaranteed pension check, may be in doubt.

The House Committee on Energy and Labor, of which I am a member, continues to study ways to preserve defined benefit plans and strengthen 401(k) and other retirement plans. One step we must take is to suspend temporarily a federal regulation that will force individuals over 70 ½ years of age to make a withdrawal from their retirement account. This week, the House passed this with my support, and we await action by the Senate. The Census bureau estimates that 5.5 million seniors have IRA’s or 401 (k) plans and could be forced to sell financial assets at a tumultuous time in the market. I have heard from many New Jersey seniors, about these required minimum distributions for 2008. This Congressional Research Service report contains more information on this issue.
Of course, our committee cannot turn around the stock market and the whole economy. Nonetheless, our committee will continue our work to protect retirement security, and I hope to hear from you about any ideas you may have to address this issue.

Helping the World’s Poor
I previously have written about my interest in lifting millions around the world out of poverty by providing them access to small loans. Such microfinance programs have the power to transform the lives of the world’s poorest by providing access to small amounts of money (often less than $150) to start self-sustaining businesses. Microfinance programs are having a very positive effect around the globe.
Recently, I wrote a bipartisan letter requesting that World Bank President Robert Zoellick expand microfinance efforts. Specifically, my letter, signed by 92 Members of Congress, encourages the World Bank to create a $200 million grant program to reach the very poor with microfinance loans, and to establish regionally-focused Centers of Excellence. The global financial and economic crisis appears to be affecting the world’s poor badly. Increasing the availability of microfinance is one way we can help those most in need, both abroad and here at home as credit remains tight.
Help for Small Businesses
Recently, the Small Business Administration announced it is allowing banks to make 7(a) loans at interest rates based on the London interbank offered rate, which is lower than the standard U.S. prime rate. Many New Jersey banks offer the lower rate, and small businesses in the region will now be able to benefit. All businesses that are considered for financing under SBA’s 7(a) loan program must meet SBA size standards, be for-profit, not already have the internal resources (business or personal) to provide the financing, and be able to demonstrate repayment.
By the way, I was pleased to see Governor Corzine’s announcement this week creating the “InvestNJ Business Grant Program” to help stimulate capital investment and job creation. Under the program, companies can obtain $3,000 grants for each new job they create and sales tax reimbursements on capital purchases of $5,000 or more. Applications will be available next month. More information can be found here.
Sincerely,
RUSH HOLT
Member of Congress

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Filed under 12th congressional district, 401(k), Congressional Budget Office, Financial crisis, INVEST NJ, Jon Corzine, Newsletter, Rush Holt, small businesses, World Bank, World's poor

>Newsletter From Rush Holt

>With the continuing turmoil in our financial markets, we must address its effect on the retirement security of American families. According to the Congressional Budget Office, American workers have lost as much as $2 trillion in retirement savings over the last year. Americans rightly are worried that their savings will not be there to meet their needs as they hoped. We have also seen leading companies freeze or end their defined contribution, 401(k), plans. Further, even some defined benefit plans, which provide retirees with a guaranteed pension check, may be in doubt.

The House Committee on Energy and Labor, of which I am a member, continues to study ways to preserve defined benefit plans and strengthen 401(k) and other retirement plans. One step we must take is to suspend temporarily a federal regulation that will force individuals over 70 ½ years of age to make a withdrawal from their retirement account. This week, the House passed this with my support, and we await action by the Senate. The Census bureau estimates that 5.5 million seniors have IRA’s or 401 (k) plans and could be forced to sell financial assets at a tumultuous time in the market. I have heard from many New Jersey seniors, about these required minimum distributions for 2008. This Congressional Research Service report contains more information on this issue.
Of course, our committee cannot turn around the stock market and the whole economy. Nonetheless, our committee will continue our work to protect retirement security, and I hope to hear from you about any ideas you may have to address this issue.

Helping the World’s Poor
I previously have written about my interest in lifting millions around the world out of poverty by providing them access to small loans. Such microfinance programs have the power to transform the lives of the world’s poorest by providing access to small amounts of money (often less than $150) to start self-sustaining businesses. Microfinance programs are having a very positive effect around the globe.
Recently, I wrote a bipartisan letter requesting that World Bank President Robert Zoellick expand microfinance efforts. Specifically, my letter, signed by 92 Members of Congress, encourages the World Bank to create a $200 million grant program to reach the very poor with microfinance loans, and to establish regionally-focused Centers of Excellence. The global financial and economic crisis appears to be affecting the world’s poor badly. Increasing the availability of microfinance is one way we can help those most in need, both abroad and here at home as credit remains tight.
Help for Small Businesses
Recently, the Small Business Administration announced it is allowing banks to make 7(a) loans at interest rates based on the London interbank offered rate, which is lower than the standard U.S. prime rate. Many New Jersey banks offer the lower rate, and small businesses in the region will now be able to benefit. All businesses that are considered for financing under SBA’s 7(a) loan program must meet SBA size standards, be for-profit, not already have the internal resources (business or personal) to provide the financing, and be able to demonstrate repayment.
By the way, I was pleased to see Governor Corzine’s announcement this week creating the “InvestNJ Business Grant Program” to help stimulate capital investment and job creation. Under the program, companies can obtain $3,000 grants for each new job they create and sales tax reimbursements on capital purchases of $5,000 or more. Applications will be available next month. More information can be found here.
Sincerely,
RUSH HOLT
Member of Congress

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Filed under 12th congressional district, 401(k), Congressional Budget Office, Financial crisis, INVEST NJ, Jon Corzine, Newsletter, Rush Holt, small businesses, World Bank, World's poor

NJ and Business, Perfect Together pt. 2: Corzine Signs INVEST NJ Bill

On Tuesday December 9, Governor Jon S. Corzine signed the Invest NJ Bill to help create jobs and make it easier for businesses to make capital investments.

The plan has two components. The first provides a $3,000 grant to New Jersey businesses for each new job they create. That’s a significant help to a business that may be considering hiring a new worker with a $30,000 salary.

The second component provides a grant equal to seven percent of any qualified capital investment over $5,000 up and through January 1, 2011. So if a business needs to upgrades their computer system at a cost of $100,000 we will provide them with a $7,000 grant to help cover the costs.

If your business is interested in applying for one of these grants please contact the New Jersey Economic Development Authority at (609) 292-1800 or you can go to their website www.njeda.com.

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Filed under capital investments, Gov.Jon Corzine, INVEST NJ, Job creation, job growth, mid-size businesses, New Jersey, New Jersey Economic Development Authority, small businesses

NJ and Business, Perfect Together pt. 2: Corzine Signs INVEST NJ Bill

On Tuesday December 9, Governor Jon S. Corzine signed the Invest NJ Bill to help create jobs and make it easier for businesses to make capital investments.

The plan has two components. The first provides a $3,000 grant to New Jersey businesses for each new job they create. That’s a significant help to a business that may be considering hiring a new worker with a $30,000 salary.

The second component provides a grant equal to seven percent of any qualified capital investment over $5,000 up and through January 1, 2011. So if a business needs to upgrades their computer system at a cost of $100,000 we will provide them with a $7,000 grant to help cover the costs.

If your business is interested in applying for one of these grants please contact the New Jersey Economic Development Authority at (609) 292-1800 or you can go to their website www.njeda.com.

Leave a comment

Filed under capital investments, Gov.Jon Corzine, INVEST NJ, Job creation, job growth, mid-size businesses, New Jersey, New Jersey Economic Development Authority, small businesses