NJ Bills Target Manufacturing Sector [AUDIO]
Hoping to put a spark in New Jersey's slow economic recovery, Asm. Troy Singleton (D-Mount Laurel) plans to introduce a series of bills that could shift the state's manufacturing industry into overdrive.
The assemblyman said the manufacturing sector, which has diminished significantly over the past several years, has great potential to create opportunities for workers and growth for the state as a whole.
"We need to do more to stimulate this industry and to help promote it," Singleton said. "In New Jersey, the compensation in this industry is more than $40,000 higher than if you look at any other non-farm employer in the state."
Singleton's measures are aimed at developing the necessary workforce to go along with the jobs that are available, as well as rewarding manufacturing entities that bring their business to the Garden State.
The assemblyman cited an "education gap," noting employers in the manufacturing field are struggling to find help that's actually industry-ready.
Under Singleton's proposals, any manufacturing business that relocates from overseas to New Jersey would be in line for a tax credit of up to 15 percent for expenses. The assemblyman insisted companies need incentive to move operations to the northeast, where there are higher costs of doing business.
"Utilizing the tax code in this fashion is a responsible way of doing that," Singleton said.
These efforts could help narrow the income equality gap that has "plagued" New Jersey, according to Singleton.
The bills are to be introduced by the end of March.