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Legislature Expands Incentives under the NJ Economic Opportunity Act

As the legislative session winds down for the current fiscal year , both the State Senate and the Assembly approved a bill (S1551/A3213) to  “fine tune” or broaden (depending on your perspective) the NJ Economic Opportunity Act.  Those who object to the broadening of the current law are concerned that the proposed expansion’s fiscal impact is negative and is a business tax subsidy during a time of financial difficulty.

The legislation extends the deadline for residential developers applying under the ERGG program (Economic Redevelopment and Growth Grant) to obtain a temporary CO (Certificate of Occupancy); it allows companies that transfer jobs from one part of NJ to Camden, Trenton, Paterson and Passaic to count those as “retained” jobs; for those same cities, it allows additional benefits if original job creation projections are exceeded; it alters the “investment per square foot” requirement for warehousing, and  logistics, R&D (research and development); and it allows the aggregation of multiple small businesses by non-profits as a way for the small businesses to qualify together for benefits.

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