A Resolution to Stay and Grow Stronger

by Jong Sook Nee on January 11, 2012

As we bid farewell to 2011 and the roller coaster of international economic policy, the State of New Jersey wants to help you with a new resolution for 2012. Stay in New Jersey and grow. On January 6th, Governor Christie signed S-3033 establishing the new Grow New Jersey Assistance Program. Grow NJ is a tax credit incentive program for companies looking to move into or stay in New Jersey and make a sizable capital investment. Grow NJ expands on the much-heralded, but under-utilized Urban Transit Hub Tax Credit (UTHTC) incentive program. Similar to the UTHTC, companies that make a certain capital investment in New Jersey and who either retain or create 100 full time jobs can earn up to $5,000 – $8,000 per job for each of 10 years. Unlike the UTHTC, eligibility under Grow NJ is not limited to a few municipalities. Grow NJ expands its reach throughout the State based on planning areas and areas zoned for growth under the State Development and Redevelopment Plan and in various regional planning areas, such as the Hackensack Meadowlands or even BRAC areas.

 

As noted above, the UTHTC program generated a great deal of interest, but its logistical and technical requirements created hurdles that made it unavailable to many businesses. Will the new Grow NJ program with its generous locational requirements, softer capital improvement thresholds and focus on job retention light the State’s economic engine? We have yet to see. However, if you are looking for a new resolution to cure the economic hangover from 2011, consider Grow NJ. But hurry, you only have until July 1, 2014 to apply.

 

Add a comment


Leave Comment

Name *

Email *

Website