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New Jersey Enacts Major Economic Development Incentive Legislation

Zemanta Related Posts ThumbnailNew Jersey has enacted the New Jersey Economic Opportunity Act of 2013.This Act intends to provide benefits for certain businesses, developers and workers, through various amendments to existing programs, including lower incentive thresholds and broader geographic boundaries for incentive utilization. This new law merges several state economic development programs into two:

  • Grow New Jersey Assistance Program (GROW)
  • Economic Redevelopment and Growth Grant Program (ERG)

In addition to offering expanded geographic boundaries, the new GROW program also reduces capital investment and employment eligibility requirements. ERG has been designated as the state’s single redeveloper incentive program and includes a bonus award option for redevelopment in certain areas.

This legislation also creates a Garden State Growth Zone program, allowing for certain property tax incentives and enhanced economic development program incentives within designated low-income areas.

The phased out programs scheduled to conclude on December 31, 2013 include the Business Retention and Relocation Assistance Grant Program (BRRAG), Business Employment Incentive Program (BEIP) and the Urban Transit Hub Tax Credit Program. The GROW and ERG programs will sunset on July 1, 2019.

Learn more about leveraging tax credits and incentives with help from ADP.



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