The New Jersey Economic Opportunity Act Provides Incentives for Corporate Growth and DevelopmentFebruary 1, 2014 – In The News
Passed in September 2013, the New Jersey Economic Opportunity Act radically altered the Grow New Jersey Assistance Program (Grow NJ) to spur state growth and development. In contrast to earlier versions of the program, the amended Grow NJ has wider applicability and a lower barrier to entry in terms of requisite job creation and capital investment. As a result, Grow NJ and other programs administered by the New Jersey Economic Development Authority have made the state a significantly more attractive place to do business for both current in-state companies as well as those out-of-state that are considering relocation.
Grow NJ provides a tax credit to a virtually any business other than point-of-sale retail that creates or retains jobs in New Jersey and makes a qualified capital investment at a qualified business facility. While Grow NJ is geographically available for businesses located throughout the state, the revamped program reflects New Jersey’s smart growth policies by adjusting the amount of tax credits available to a business based on the project location. Additionally, Grow NJ encourages the reuse of underutilized property by lowering the threshold of required capital investment for projects involving the redevelopment of an existing facility. Grow NJ 2.0 also reflects the state’s strong push to attract certain targeted industries by providing such businesses with bonus tax credits.
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