TRENTON— State Assemblyman Albert Coutinho, who authored the Economic Opportunity Act that is on the brink of final approval, is recovering in the hospital today after suffering a heart attack, according to a report in the Star-Ledger.

Coutinho's family members say he felt chest pain this morning at home in Newark, the day after a state budget agreement was announced here. “In typical Albert fashion, he actually got a car and drove to St. Barnabas,” said Donald Goncalves, who is Coutinho's brother-in-law.

Doctors at the St. Barnabas Medical Center confirmed Coutinho had had a heart attack and said he is in stable condition.

The 44-year-old Democrat is chairman of the Commerce and Economic Development Committee, which s responsible for legislation encouraging business growth. He authored the bill reorganizing business incentives and tax breaks for retention and development of jobs.

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.

Instant Insights /

Incentives Bill Sponsor Suffers Heart Attack

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