News Flash Home
The original item was published from 12/18/2020 4:21:11 PM to 12/19/2021 12:00:05 AM.

News Flash

Home

Posted on: December 18, 2020

[ARCHIVED] Tax Incentive Legislation Moving Quickly

Late on Wednesday, it was announced that Governor Murphy, Senate President Sweeney, and Assembly Speaker Coughlin reached an agreement on reforms to the tax incentive programs.

According to the announcement  the agreement “includes annual caps, strong compliance standards, groundbreaking tools to support the innovation economy, and robust labor protections.”

 A-4/S-3295 was considered and approved by both the Assembly Appropriations Committee and Senate Budget Committee today. Both bills are scheduled for a full vote of the Senate and Assembly on Monday.

 The legislation includes the following: 

  • “Historic Property Reinvestment Act” providing tax credits for part of the cost of rehabilitating historic properties in this State.
  • “Brownfields Redevelopment Incentive Program Act" providing tax credits to compensate developers of redevelopment projects located on brownfield sites for remediation costs.
  • "New Jersey Innovation Evergreen Act" auctioning tax credits for cash, which will be used to invest in innovation as a catalyst for economic growth and to advance the competitiveness of the State’s businesses in the global economy.
  • “Food Desert Relief Act” providing tax credits in order to incentivize businesses to establish and retain new supermarkets and grocery stores in food desert communities.
  • "New Jersey Community-Anchored Development Act" providing tax credits to anchor institutions to incentivize the expansion of targeted industries in the State and the continued development of certain areas of the State.
  • "New Jersey Aspire Program Act" providing tax credits to encourage redevelopment projects by covering certain project financing gap costs.
  • “Emerge Program Act” providing tax credits to encourage economic development, job creation, and the retention of significant numbers of jobs in imminent danger of leaving the State.
  • "Main Street Recovery Finance Program Act" providing grants, loans, and loan guarantees to small businesses.
  • "New Jersey Ignite Act" a public-private partnership providing start-up rent grants to collaborative workspaces to support the early months of an early stage innovation economy business’s rent at the collaborative workspace.
  • “Economic Development Authority Integrity and Protection Act" to create an Office of the Economic Development Inspector General, which will operate independent of the oversight or management of the EDA, and to require employment of Chief Compliance Officer to manage the Division of Portfolio Management and Compliance in the EDA. 

We will be providing you with a more detailed analysis of the legislation. 

 

Contact: Lori Buckelew, Assistant Executive Director, lbuckelew@njlm.org, 609-695-3481 x112.

Facebook Twitter Email

Other News in Home

CY 2022 Audit Deadline Extended

Posted on: May 12, 2023

House Passes Debt Limit Bill

Posted on: April 28, 2023

President Biden Proposes FY24 Budget

Posted on: March 10, 2023

SHBC Plan Design Committee Meeting Summary

Posted on: February 24, 2023

FY2023 Federal Omnibus Budget Passed

Posted on: January 9, 2023

SHBP Update: No Relief In New Year

Posted on: December 30, 2022

Federal Budget Update

Posted on: December 23, 2022

LEAP Grants Now Available

Posted on: December 23, 2022

Federal Budget Update

Posted on: December 19, 2022

State Health Benefits Update

Posted on: December 5, 2022

Revised Model Procurement Forms

Posted on: December 5, 2022

SHBP Rate Increase Adopted

Posted on: September 27, 2022

Blog Post: Available Federal Grants

Posted on: September 27, 2022

President Signs CHIPS and Science Act

Posted on: August 12, 2022

Ground Broken on Portal North Bridge

Posted on: August 8, 2022

Energy Tax Receipt Funding Update

Posted on: June 29, 2022

FY2023 Budget Update

Posted on: June 29, 2022