AMODEO AND POLISTINA: FEDERAL FUNDING TO SPUR

In response to today?s announcement by Gov. Christie that New Jersey has been approved for $33.8 million in federal funding to encourage small business lending and job creation in the state, Assembly Republican members John Amodeo and Vince Polistina said securing such funding is further evidence the governor has made economic development a priority for New Jerseyans struggling with an anemic national economy.

?Under the leadership of Gov. Christie, we are beginning to see positive signs of economic recovery and growth in our state, despite continuing difficult economic times nationally,? said Amodeo, R-Atlantic. ?This funding, made available through the State Small Business Credit Initiative, shows the governor?s continued commitment to our state?s small business community which will result in high quality, good paying jobs for our residents.?

The funding has been approved by the U.S. Department of Treasury through the State Small Business Credit Initiative (SSBCI) which is part of the federal Small Business Jobs Act of 2010.

The monies will be targeted to small businesses, small manufacturers, and women and minority-owned enterprises, with a particular focus on businesses that are located in underserved communities throughout the state.

?Small businesses are our primary job creators,? said Polistina, R-Atlantic. ?This infusion of federal funds is a welcome and a substantial boost to the administration?s aggressive economic development agenda.

?For the better part of the past decade, New Jersey has been bleeding jobs, businesses and residents due to a host of anti-business and anti-growth policies. Between 2004 and 2008 alone, we lost $70 billion in wealth. Gov. Christie and Republicans, including John and I, have been extremely pro-active in advocating for business-friendly legislation to reverse that trend.?

In addition to supporting the historic property tax cap and public employee pension and health benefits reform engineered by the governor, Amodeo and Polistina have sponsored the following legislation designed to stimulate economic development and job growth:

1A-1897 – Revises provisions of “New Jersey Economic Stimulus Act of 2009” concerning public-private higher education construction and improvement projects and municipal ordinances to adopt stimulus measures;

1A-3147 – Repeals “Global Warming Response Act” and related sections of Regional Greenhouse Gas Initiative (RGGI) implementing law which is a cap-and-trade energy tax that artificially increases costs on consumers and businesses and destroys jobs;

1A-2457 – Eliminates imposition of corporation business tax on certain foreign corporations carrying passengers into and out of State in motor vehicle or motorbus;

1A-2873 – The “Offshore Wind Economic Development Act”; establishes offshore wind renewable energy certificate program, and authorizes EDA to provide tax credits for qualified wind energy facilities in wind energy zones;

1A-2362 – Consumer Relief Act of 2010; establishes temporary sales and use tax rate reduction periods for sales of certain goods and services;

1A-2851 – Eliminates various inactive boards, commissions, committees, councils, and task forces.

In addition, the Atlantic County lawmakers voted for ?Single Sales Factor? legislation to reform the corporate tax code to encourage job creation and capital investment. They also voted to expand the Business Retention and Relocation Assistance Grant (BRRAG) Program; revise the Business Income/Loss Netting and Loss Carry-Forward provisions of New Jersey?s tax codes so as not to penalize small businesses, and reduce the minimum tax on S-corporations by 25 percent.

?The governor?s efforts to secure federal funding to spur job creation are part of his all-out effort on behalf of our residents to turn this state around,? stated Amodeo, who noted that under Gov. Christie?s leadership, 45,000 private sector jobs have been created. ?We need to employ every tool available to us and that?s exactly what he?s doing.?

?We have a long way to go to be sure, but as we continue to structurally reform state government and implement sound, fiscal policies our economy will respond; jobs will be created and we will make New Jersey affordable again for our residents and business community,? added Polistina.

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