New Jersey businesses now have access to about $14 billion in tax incentives designed to encourage companies to create and maintain jobs, complete development and redevelopment projects, rehabilitate qualified New Jersey historic properties, and establish and retain new supermarkets and grocery stores in food desert communities.
New tax credits were enacted under the following acts: (1) the Emerge Program Act; (2) the Aspire Program Act; (3) the Historic Property Reinvestment Act; (4) the Brownfields Redevelopment Incentive Program Act; (5) the Innovation Evergreen Act; (6) the Food Desert Relief Act; and (7) the Community-Anchored Development Act.
A business eligible for the credit must submit an application to the Authority and demonstrate that , among other requirements, (1) the business will make, acquire, or lease a capital investment equal to or greater than the value of the credits; (2) the business will create or retain full-time jobs; (3) the tax credit will be a material factor in the decision to create or retain jobs; and (4) the net benefit to the state will equal at least 400% of the requested tax credit.
The base amount of the Emerge Program Act tax credit is between $500 and $4,000 for each new or retained full-time job, depending upon the location of the jobs and the net benefit that the project brings to New Jersey.
The Act also expands the Economic Redevelopment and Growth Grant Program by adding $220 million in tax credits.