New Jersey Hispanic Business Community Still Struggling to Get Banking Industry Attention

Classes Aimed at Helping Minority Businesses Get Bonded

Minority BusinessesGet bonded? No, this isn’t a 007 thing, it’s a critical factor in small businesses getting government contracts. New Jersey is steaming ahead with classes to help minority businesses get ready:

“A program to boost minority bids on government contracts, which launched under a law signed by former Gov. Chris Christie in 2017, will begin classes this fall. A partnership between the state Economic Development Authority and the African American Chamber of Commerce of New Jersey will oversee the Small Bonding Readiness Assistance Program, which will teach small businesses how to qualify for government bonds. The program was a significant achievement for AACCNJ President John Harmon, and the commitment to continue the program through funding in the next fiscal year’s state budget by Gov. Phil Murphy sends a strong signal, Harmon said.”

Read: Classes aimed at helping minority businesses get bonded will begin this fall at ROI-NJ

Beth Simone Noveck Named N.J.’s First Chief Innovation Officer

Beth Simone NoveckBeth Simone Noveck will be the state’s first-ever chief innovation officer. Her role will task her with many important responsibilities that will directly affect New Jersey’s economy. We wish her well, as other states are increasingly eager to poach our companies and people:

“Gov. Phil Murphy named New Jersey’s first chief innovation officer, his administration announced Monday. Beth Simone Noveck will be taking on the role. Murphy said the appointment comes from his promise to spur and expand an innovation economy in New Jersey. In her role, Noveck will be responsible for..Designing and deploying government services; Solving public problems through new technologies and collaborating with other governments, the private sector and higher education; … Read More >

NJEDA Unveils Office to Attract Foreign Businesses, Investment

Foreign BusinessesForeign businesses will soon be flocking to New Jersey, if the NJEDA has anything to say about it. If you open an Office of International Trade and Investment, will they come?

“The state’s Economic Development Authority is rolling out a new office aimed at attracting international trade and investment to New Jersey, according to a statement issued Wednesday. Called the Office of International Trade and Investment, the office is charged with attracting international businesses to the state and tapping into the state’s access to the diplomatic community of the New York metro area. OITI will also partner with Choose New Jersey to coordinate trade missions and other international state outreach. Meanwhile, the state’s Business Action Center will retain an Office of Export Promotion to promote New Jersey-based businesses as a potential global export.”

Read: NJEDA unveils office to attract foreign businesses, investment at NJBIZ

Accountants: Budget will Hurt NJ Economy

NJ EconomyThe NJ economy will take a hit from our recent budget, according to accountants. Well, we have to pay for increased spending so get ready for increases in taxes, “fees”, “charges”, “licenses” and all other things that well, are really taxes. As for the mass exodus of Jerseyans, there will still be many of us left to foot the bill. Eek.

“The outward migration of wealth will continue, and the long-term effect will be disastrous,” said a poll respondent. In a survey, the majority of CPAs in the state said New Jersey’s $34.7 billion fiscal 2019 budget, signed on July 1 by Gov. Phil Murphy, will have a negative impact on the economy…The CPAs, in their responses, said that the tax hikes will result in wealthy individuals fleeing the state”

Read: CPAs NJ budget will hurt economy at NJBIZ

New Brunswick Residents Press Renewable Energy Plan

New Brunswick residents are concerned about clean energy and are looking to lead New Brunswick into a renewable energy future:New Brunswick Residents

“Some New Brunswick residents have delivered a petition of 650 signatures supporting a citywide community energy aggregation program that would allow residents and businesses to purchase 100 percent renewable electricity by the year 2035. They are seeking to establish the creation of the New Brunswick Community Energy Aggregation program. This would enable the city to purchase energy at discounted bulk rates, and to set guidelines about the sources of electricity used by city residents.”

Read: New Brunswick residents press renewable energy plan at NJBIZ

New Jersey to offer Millions in Entertainment Tax Credits

Entertainment Tax CreditsNew Jersey is back in the film and television business and will provide millions in entertainment tax credits. Will we see Game of Thrones: Jersey Shore Edition?

“Gov. Phil Murphy signed a much-anticipated bill that would provide upward of $85 million in film tax credits a year, in an effort to bolster the state’s film industry. The bill…was tweaked following a conditional veto by Murphy, so that the bill’s proponents would insert language covering reality TV shows, which had been previously excluded. Senate Bill 122, the Garden State Film and Digital Media Jobs Act, would restore tax-credit incentives for New Jersey-based productions… Read More >

NJ State Budget Finished; Economy Work in Progress

Read: State budget is done. Now it’s time for N.J. to work on ‘stronger’ economy at ROI-NJ

NJ To Have Highest Corporate Tax Rate in Country?

“After Gov. Phil Murphy doubled down on the millionaire’s tax Monday morning, state Senate President Stephen Sweeney and Assembly Speaker Craig Coughlin doubled down on a corporate business tax hike — suggesting an increase that would give New Jersey the highest corporate tax rate in the country. Sweeney (D-West Deptford) and Coughlin (D-Woodbridge) revealed at an afternoon news conference Monday that the Legislature is pursuing a corporate business tax on C-corps to the tune of 11.5 percent for companies with revenues from $1 million to $25 million, and to 13 percent for companies earning more than $25 million.”

Read: Is N.J. headed for highest corporate tax rate in country? at ROI-NJ

New Jersey CTO Chris Rein to Centralize State IT

New Jersey CTO Chris ReinNew Jersey CTO Chris Rein will look to centralize State IT assets and hopefully modernize them as well.

“New Jersey’s second-ever dedicated chief technology officer, Chris Rein, said he’ll be taking a close look at the state’s ongoing IT consolidation and making recommendations to the governor…As CTO, Rein said he has several distinct challenges including stabilizing and improving the state’s existing IT infrastructure in close collaboration with its cybersecurity team. The goal, he noted, is to try to drive that innovation while ensuring heavily utilized government services like unemployment insurance and the Department of Motor Vehicles become more seamless.”

Read: IT Centralization, Relationship Building Among Focuses For New Jersey CTO at NJTechWeekly

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