The “Grow New Jersey Assistance Program” Is Now Law

January 2012Articles In the Zone

In last month’s issue , we reported on S3033, which at the time had been passed by both houses of the New Jersey Legislature. On January 5, Governor Christie signed the legislation into law creating the Grow New Jersey Assistance Program. In brief, this legislation encourages capital investment, new job growth and existing job retention by providing businesses with a base $5,000 annual tax credit per job. A qualifying business must make a minimum capital investment of $20 million at an approved location and employ at least 100 employees throughout the 10-year tax credit period.

For detailed information regarding this exciting new tax credit program, please read our alert, “New Jersey’s Latest Tool For Economic Growth: The Grow New Jersey Assistance Program ” for a thorough breakdown of the law.

In next month’s issue, we’ll cover A1851. Is it an opportunity lost? Stay tuned for our review of whether New Jersey should revisit legislation creating a state historic tax credit program.

For more information, please contact Daniel V. Madrid.