‘Economic Opportunity Act’ Sponsor Kyrillos: This Should Bridge the Gap to Comprehensive Tax Reform

‘Economic Opportunity Act’ Sponsor Kyrillos: This Should Bridge the Gap to Comprehensive Tax Reform

Senator Joe Kyrillos, a prime sponsor of the “Economic Opportunity Act” enacted today by Gov. Chris Christie, said this bipartisan effort should lead to a lot more.

"We got this done to boost New Jersey’s private-sector economy, because many Republicans and Democrats realize that this legislature desperately needs to do more to attract and retain job creators,” said Kyrillos (R-Monmouth). “We came together; we compromised to create more opportunities for New Jersey families. This should be the bridge to comprehensive tax reform that New Jerseyans have been waiting on for far too long.”

In addition to boosting the state’s private-sector economy with thousands of new jobs, Senator Kyrillos’ Opportunity Act, A3680, will streamline and expand the Grow New Jersey (“GrowNJ”) and Economic Redevelopment and Growth (“ERG”) tax incentive programs, while phasing out the Business Retention and Relocation Assistance Grant, the Business Employment Incentive, and the Urban Transit Hub Tax Credit programs. This makes will facilitate business growth and development.

“It is encouraging that Democratic prime sponsor Senator Lesniak acknowledged the following during Thursday’s session: ‘We know that New Jersey cannot compete not only with our surrounding states but we can’t compete internationally because of the cost of doing business here we know is high,’” Kyrillos added. “This is a problem that Senate Republicans have tried to permanently address for years. With more Democrats now realizing the issue, the chances that this legislature will finally fix this state’s non-competitive tax structure are much better. When we get this done, residents won’t have fear that our sons and daughters will be forced to flee this costly state to start their families elsewhere, or that they won’t be able to find solid jobs because employers can’t afford to operate here.”

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Team Kyrillos
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(732) 737-4115
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