CEDAR KNOLLS, N.J., May 16, 2019 /PRNewswire/ -- 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."
"New Jersey has a proud manufacturing history," said Bucco, R-25th District. "We are seeing a significant resurgence of manufacturing jobs in the country. This bill will help secure our share of these high-paying career opportunities."
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 said 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.
About NJMEP: NJMEP is a private, not–for-profit organization that improves the profitability and competitiveness of New Jersey's manufacturers. Backed by the National Institute of Standards and Technology (NIST), NJMEP enables organizations to enhance their productivity and efficiencies, reduce costs, and improve employee performance. For more than 20 years, NJMEP has used its extensive network of connections and proven track record of success to help manufacturers adapt to the latest innovative technologies and best practices to realize more than $3.8 billion in value. Our services are categorized into the following three areas: Operational Excellence, Innovation and Growth Strategies, and Workforce Development. NJMEP also has a signature philanthropic program, Manufacturing Cares, which is designed to provide a platform for manufacturers to give back to the community by pooling efforts to increase our impact.
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SOURCE New Jersey Manufacturing Extension Program