TRENTON - Governor Jon S. Corzine today thanked the New Jersey Legislature for taking quick action on the four final elements of his economic stimulus initiative, which received legislative approval Monday evening.

"The Legislature deserves high praise for its willingness to act swiftly on this package of bills, which will help move New Jersey out of the current economic recession and toward a path of recovery," Governor Corzine said. "I look forward to moving quickly and enacting these measures into law, putting more New Jerseyans back to work, assisting families in need, and helping small businesses during these trying economic times."

The Legislature gave final approval to:

• A-3377/S-4: Main Street Assistance Program. Directs the Economic Development Authority to establish a two-year program to provide credit enhancement and limited financing to small and medium sized businesses eligible to borrow from New Jersey banks.
• A-2720/S-5: Urban Enterprise Zone Enhancement. Expands the number of businesses in UEZs eligible for point-of-sale exemption from sales tax for purchases of business supplies and equipment.
• S-1599/A-2517: Mortgage Stabilization and Relief Act. Creates two programs in the New Jersey Housing and Mortgage Finance Agency to help prevent foreclosures. One program enables qualifying homeowners in imminent danger of foreclosure to obtain financial assistance to refinance; the second program provides support for non-profit and public entities to execute lease-purchase agreements with homeowners in danger of foreclosure.
• A-2722/S-3: Eliminates throw-out rule and regular place of business requirement under state corporate business tax law. Reforms the state corporate business tax law to make New Jersey more attractive for businesses.

"By acting quickly, we have a real opportunity to take a national leadership role in economic recovery efforts," Governor Corzine said. "While there is much work to be done, today we have taken a tremendous step forward."

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 Photos from Governor Corzine's public events are available
in the Governor's Newsroom section on the State of New Jersey web page, http://www.nj.gov/governor/news/