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KBL Eisner, LLP |
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750 Third Avenue
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KBL TLSR |
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Reparto de Diego
Río Piedras, PR 00926
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On January 6, 2012, the Grow New Jersey Assistance Program (Grow New Jersey) was signed into law by Governor Christie. The Grow New Jersey Program, a bipartisan bill sponsored by Senator Raymond Lesniak, was revised extensively four times prior to becoming law. The new law establishes a tax credit program to stimulate economic investment and private job creation.
Under the program, businesses in qualifying areas will be eligible for the tax credits if they make or acquire certain capital investment and job creation thresholds. According to the Senator, who chairs the Economic Growth Committee, “The idea of this law is to help create jobs for unemployed New Jersey residents, and encourage capital improvement and investment, place decaying corporate facilities back on the tax rolls and contribute to the economic recovery of our communities.”
Under the program, businesses in qualifying development zones will be eligible for the tax credits if they make or acquire a capital investment of at least $20 million, and create or retain at least 100 full-time employees. Annual certifications will be required and the business will have to demonstrate to the New Jersey Economic Development Authority (EDA) that the tax credit will yield a net positive benefit for the state.
Under the Grow New Jersey program, qualifying businesses will be able to receive a base tax credit of $5,000 per job, per year, for 10 years to offset the New Jersey Corporate Business Tax up to a maximum credit of $4 million. The State EDA could increase these amounts if certain conditions are met. Provisions are in place for tax credit recapture should the business not remain at the site or employment retention does not meet the standards.
The Bill drafters anticipate the Grow New Jersey program will create jobs and will also encourage businesses to invest more in areas in need of redevelopment, including abandoned corporate properties. Standards for construction must be met based on a Green building code and all applications must be filed by July 1, 2014.
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