On Sept. 18, 2013, Gov. Chris Christie signed the New Jersey Economic Opportunity Act into law. This influential piece of legislation refashioned the economic incentives for commercial and residential developers to bring business into New Jersey. The act specifically aims to attract more business into Southern New Jersey and targets specific Garden State Growth Zones for increased development and job growth. With such potential gains for developers and businesses, it is important to know the rules to take advantage of the act’s sweeping incentives.
Two Types of Players— Job Creators and Redevelopers
At its core, the act serves to streamline New Jersey’s previous incentive programs into two main programs with two specific goals, job creation and development. First, the Grow New Jersey Assistance Program (“Grow NJ”) was substantially expanded and is now the state’s main job creation incentive program. Grow NJ allows certain types of businesses in specific locations to be eligible for significant tax credits, so long as the businesses meet the requisite capital investment and employment eligibility criteria. The amount of tax credits available varies depending on several key factors including location and types of jobs.
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