Governor Jon Corzine on July 27 signed a new economic stimulus bill that provides tax and fee reductions and financial incentives to stimulate large-scale, private-sector economic development projects.

The bill, S-2299 (Lesniak)/A-4048 (Roberts, Coutinho), reforms several existing economic development programs by:

* establishing a moratorium on the collection of the 2.5 percent nonresidential development fee by the NJ Council on Affordable Housing (COAH);
* creating a new tax increment financing program to provide rebates for some of the taxes paid by a development project;
* expanding the amount of net operating losses available for businesses under the Technology Business Tax Certificate Transfer program and reforming the Urban Transit Hub Tax Credit (UTHTC) program to make it easier for businesses to qualify;
* allowing public-private investment partnerships to build facilities at the State's colleges and universities.

NJBIA supports the measure. As previously structured, these programs were too complex and had too many barriers discouraging their use. For example, while 48 states currently have viable tax increment financing programs, New Jersey's program has attracted only one project in ten years. Similarly, because its requirements were too onerous, the Urban Transit Hub program has not generated any applicants. For more information, contact Art Maurice.

2. New High School Curriculum Will Better Prepare Students for the Workforce

Beginning in September, New Jersey high school students will face higher curriculum standards as part of an effort to better prepare them for a future in the workforce. In June, the NJ State Board of Education adopted a new high school curriculum that requires more rigorous coursework in math and science, better assessments of student learning and more flexibility in preparing for careers after graduation. NJBIA strongly supports the new curriculum requirements because they will improve the future workforce of the State.

NJBIA has long argued that New Jersey needs to expect more from all students in order to better prepare them for the future. A survey by the NJ Policy Research Organization, NJBIA's research affiliate, found that 81 percent of employers said that the availability of skilled employees was the most important issue for their business (their biggest concern) but only half were satisfied with the job that the State was doing to address it. Similarly, NJBIA's Business Outlook Survey revealed that only one-third of employers are satisfied with high school graduates' readiness for entry-level jobs.

The new curriculum will address these concerns by requiring more from students in subject areas such as science, technology, engineering and mathematics. This will not only improve practical skills, but also critical thinking and problem-solving skills, which are often cited as lacking in entry-level workers. The new curriculum also includes business skills and a mandate for an economics/financial literacy class for high school students.

For more information contact Christopher Emigholz.

3. Snow Removal Mandate Sent to Governor

Legislation that would require all vehicles to remove any snow from their vehicles before entering the roadways received final legislative approval in June.

The bill, S-520 (Sacco, Gordon)/A-1718 (Munoz, Prieto), would impose fines of $25 to $75 for each violation, regardless of whether any snow or ice is dislodged from the vehicle while it’s moving. The bill specifically provides that the requirements do not apply to snow or ice that accumulates on a vehicle during a storm that began and continued for the duration of the motor vehicle's operation or to a parked motor vehicle. For more information, contact Frank Robinson.

4. Managing Energy Costs in Challenging Times on Friday, September 18

Reducing energy costs and making sure your business is as energy efficient as possible is more important today than ever before. That's why NJBIA is offering a half-day program, Managing Energy Costs in Challenging Times. Pick up new strategies and tactics, learn the ins and outs of the government programs and subsidies available to help your business, and find out what programs and assistance are available from utilities. The seminar begins with continental breakfast at 8:00 a.m. and ends at 12:45 p.m. The cost is $129 per person for NJBIA members and $169 for nonmembers. For more information, contact Katie Wittkamp at 609-393-7707, ext. 239. To become a sponsor, contact Sherry Esteves at ext. 219.

5. NJBIA to Co-host First Ever Debate for Lt. Governor

NJBIA will join Leadership New Jersey and eight other State organizations to host the first ever debate between the major candidates for Lieutenant Governor. Additionally, New Jersey Business Magazine, an NJBIA affiliate, will join News 12 NJ as a media partner. The Lieutenant Governor position was created two years ago, and this year’s election will be the first where voters will select a Lieutenant Governor. The debate will be held in October.