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House Financial Services Appropriations Bill Supports NJ Programs

WASHINGTON, D.C. – The Fiscal Year 2018 Financial Services and General Government Appropriations bill passed by the House Financial Services Appropriations Subcommittee secures funding for programs important to New Jersey organizations and communities.  The bill provides annual funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission, and other related agencies.

Small Business Administration (SBA) - The bill contains $848 million for the Small Business Administration (SBA) to help promote opportunities for American small businesses, including those in New Jersey, to begin, grow, and prosper.

Small Business Development Centers(SBDC) - $120 Million, a portion of this funding will go to The New Jersey Small Business Development Centers (NJSBDC) network which is committed to guiding established small business owners and aspiring entrepreneurs to create and expand their business enterprises which will, in turn, result in sustainable growth, job creation and economic development across our state.  The NJSBDC network includes 12 centers across New Jersey: - NJSBDC at William Paterson University (Passaic County), NJSBDC at Rutgers Newark (Essex County) and - NJSBDC of Northwest Jersey (Morris and Sussex County).

Women Small Business Centers (SBA)– the bill includes $17 million in funding to support organizations like the Women’s Center for Entrepreneurship [WCEC] in Chatham, Morris County to help elevate women to business success through education, counseling, mentoring and entrepreneurial training. 

Community Development Financial Institutions (CDFI)– The Administration had proposed to eliminate the program but the legislation provides $190 million.  New Jersey has 14 CDFI’s that have received $40 million in funding to promote community development in distressed urban and rural communities by increasing the availability of credit, investment capital and financial services available. 

High Intensity Drug Trafficking Areas(HIDTA) – The bill provides level funding of $254 million for HIDTA, which provides assistance to federal, state, local, and tribal law enforcement agencies operating in areas determined to be critical drug-trafficking regions of the U.S. This grant program is administered by the Office of National Drug Control Policy (ONDCP). There are currently 28 HIDTAs, which include approximately 18 percent of all counties in the United States and 66 percent of the U.S. population. The following New Jersey counties are in the HIDTA NY/NJ region: Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Passaic, Union.

Internal Revenue Service services:  The bill provides $2.3 billion for taxpayer services and includes numerous provisions that seek to streamline and modernize the IRS to better assist and protect New Jersey taxpayers. The bill includes provision that would:

Ø    Require the IRS to better track and educate the public on identity theft which has affected innocent taxpayers;

Ø    Encourage the IRS to create a new and innovative customer service plan to deliver timely  and quality telephone and written correspondence service to tax payers;

Ø    Requires the IRS to work with law enforcement officials to develop a plan to stop persistent IRS phone scams;

U.S. Postal Service Six Day Delivery– The bill includes language that would mandate 6 day delivery by the U.S. Post Office. For many New Jersey families, Saturday is often the one day when most people are home to accept their mail. These mail customers rely on six-day delivery to receive vital mail or packages, like baby formula, prescription drugs, or social security checks.

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The bill totals $20.231 billion – $1.284 billion below the fiscal year 2017 enacted level and $2.483 billion below the President’s budget request. The legislation targets resources to programs that will help boost economic growth and opportunity, protect consumers and investors, promote an efficient federal court system, and stop financial crime.

 

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