Bills advanced today by the New Jersey state assembly will promote new jobs and retain existing ones by revamping small business taxes and enhancing grants and incentives for small businesses.

The effort is designed to help middle-class New Jerseyans, and the small businesses that employ them, emerge strong from the national economic crisis.

One bill will enable businesses to write-down net operating losses for up to 20 tax years, as opposed to the currently allowed seven years.

Another would modify how a manufacturer’s worldwide income is subjected to New Jersey taxes, which would benefit corporations that have a higher percentage of property and payroll in the state.

The legislature has taken a number of steps this year to soften the effect of the crisis, including $275 million in business tax cuts.

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