GROW NEW JERSEY- BUSINESS INCENTIVES AVAILABLE IN NEW JERSEY
JACK COHEN
SPACES COMMERCIAL REAL ESTATE
212-300-3265
jack@spacescre.com
SPACES COMMERCIAL REAL ESTATE
212-300-3265
jack@spacescre.com
New Jersey offers a variety of business incentives to encourage economic development and growth within the state. These incentives can include tax breaks, grants, loans, and other forms of financial assistance to help businesses expand or relocate to New Jersey. Some examples of business incentives in New Jersey include the Grow New Jersey Assistance Program, which provides tax credits to businesses that create new jobs or make significant investments in the state, and the Economic Redevelopment and Growth Grant Program, which provides funding to help businesses improve their facilities and infrastructure. Additionally, the state offers a number of programs that provide assistance to specific industries, such as technology, agriculture, and manufacturing.
Below is an outline of the Grow New Jersey Assistance Program which offers some of the more lucrative benefits available to businesses.
The process of applying and qualifying for Grow New Jersey is lengthy and involves several approvals. Reach out to an expert to quantify your potential benefits and discuss the process.
Get your free New Jersey Incentives Assessment
Our in house incentives experts will help determine and quantify the incentives your business qualifies for.
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*In addition to the Base Amount, companies can earn additional amounts based on a menu of 20 potential project characteristics- targeted industry, high number of jobs and salaries, training and incubators, minority board membership and other factors which sum to over $20,000 per job per year. Total is subject to the maximum amount per job nonetheless.
Other points to note:
Eligible Jobs: At least 80% of the income tax withholdings of eligible employees must be subject to NJ personal income tax
Term Commitment: Credits can be earned over a maximum of seven years. Require a commitment to maintain jobs of 1.5x tax credit term. Must maintain 80% of previous statewide headcount and 80% of project jobs or tax credit will be reduced, terminated, or recaptured.
Refundability: Transferable tax credits can be sold to the Treasury at 90 cents on the dollar.