New Jersey Assemblywoman Nancy Munoz and Assemblyman Anthony Bucco have sponsored Senate Bill 515/Assembly Bill 4060, which reduces taxes on metal manufacturers, eliminating the tax on sand, binders, washes and other material used in the manufacturing process. Governor Phil Murphy signed the bill into Law on May 10, 2019.
“Manufacturing is essential for a thriving economy and a robust job market,” Munoz, R-21st District, said. “This bill makes our state more affordable and more attractive to industry. Most states don’t charge this tax, and this new law makes us more competitive.”
Munoz and Bucco’s Bill was Sponsored by Senator Thomas Kean, Senator Paul Sarlo, Assemblyman Gordon Johnson, Assemblyman Parker Space, and Assemblyman Harold Wirths. The Bill has also been supported by the New Jersey Bipartisan Legislative Manufacturing Caucus (Caucus), which has been on the Caucus’s list. Assemblyman Bucco is a member of the Caucus.
The Caucus, which is chaired by Senator Greenstein, has been working vigorously to strengthen New Jersey manufacturing in all aspects. From putting New Jerseyans back to work to gaining a deeper understanding of what manufacturers need in order to improve productivity, enhance capacity, increase their competitiveness, and collaboration between government officials and businesses.
“I’m pleased the Legislature passed this bipartisan Bill to help boost manufacturing in New Jersey,” said John W. Kennedy, Ph.D., chief executive officer, NJMEP. “Supporting innovation and manufacturing in New Jersey will help us continue to compete in a global economy. I look forward to building on this success with the Caucus and working with other Legislators to pass policies that encourage more economic opportunity and jump-start good-paying jobs for workers in New Jersey and nationwide,” added Kennedy.
The Caucus continues to work closely with the New Jersey Manufacturing Extension Program (NJMEP) as this organization plays a critical role in helping the Caucus achieve success.
Published in the June 2019 Edition