“Invest New Jersey” to reward business for creating jobs

Gov. Jon Corzine of New Jersey has signed a bill this week authorizing $120 million in business grants and tax credits, providing a $3,000 grant for every new employee they hire and keep for a year or longer.

The legislation, entitled “Invest New Jersey” and signed by the governor during a daylong forum hosted by the New Jersey Business and Industry Association on Tuesday, was fast-tracked through the state legislatures after being introduced in October, according to the Associated Press.

“My most important focus is to do everything that we can to get through this very challenging dip in our macro-economic life as easily and without as much trouble as possible,” Corzine told the association meeting, which included more than 250 business leaders.

The Invest New Jersey bill is part of a broad economic stimulus plan proposed by Corzine to help businesses and residents through the economic downturn. Another part of the plan aims to spur capital investments by awarding grants of up to seven percent of the amount invested by businesses.

The balance of the stimulus plan will authorize plan will authorize $70 million, with a maximum award of $1 million per business. Equipment and machinery buys are among the items covered.