State Senate Democrats had agreed Thursday to a $32.9 billion budget for the fiscal year that starts July 1. The budget plan continues various business-friendly tax measures, although there is no income tax cut as sought by Gov. Chris Christie.

The Assembly is expected send the "Economic Opportunity Act" measure along with the budge to Christie for his signature next week.

Five existing incentive programs operated by the Economic Development Authority have been consolidated into two more streamlined programs with the measure.

Over the past couple of years, criticism had mounted over the way suburban locales lost out when Urban Transit Hub Tax Credit awards were tied to transit-oriented sites; also, frustration grew about big awards handed out to companies that relocated only a few miles to new offices - sometimes even within the same community.

Hence, the re-tooling, negotiated with the input of business groups, legislators and the EDA.

The two-year-old Grow NJ program will now serve as the main business and job-creation incentive tool; developers will be aided by the Economic Redevelopment and Growth tax increment financing program.

Lt. Gov Kim Guadagno says, “The act will increase businesses moving into New Jersey and staying in New Jersey.” Business leaders so far are uniformly in agreement that the new pogram is beneficial.

Gualberto “Gil” Medina of Cushman & Wakefield, who as state Commerce director under Gov. Christine Whitman helped develop the older business incentives programs, said the new policies are “the result of a very high level of dialogue and collaboration.”

“It takes the best featuers of all the old programs and creates one that will reward companies that go into smart-growth urban communities, but at the same time provides tools to some of the stressed suburban communities throughout the state to attract new business.”