Changes to New Jersey Economic Development Incentive Programs
Last week, New Jersey Governor Chris Christie signed the New Jersey Economic Incentive Act of 2013 making significant changes to the state’s economic development incentive programs. Two New Jersey incentive programs, Grow New Jersey (Grow NJ) and Economic Redevelopment and Growth (ERG) will be expanded. Grow NJ awards corporate business tax credits for job creation and retention.
The legislation broadens the eligibility of Grow NJ to greater geographical boundaries within New Jersey and lowers program eligibility thresholds. Regulations are currently being drafted and a revised Grow NJ application will be available in November or December, 2013.
The following three other current New Jersey incentive programs will be discontinued and applications are no longer being accepted:
- Business Employment Incentive Program (BEIP)
- Business Retention and Relocation Assistance Grant Program (BRRAG)
- Urban Transit Hub Tax Credit