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New Jersey BEIP Funding Finally Addressed

On January 11, 2016, the solution for which many New Jersey businesses had been waiting finally arrived. Governor Christie signed the bipartisan P.L. 2015, c. 194 into law, permitting the voluntary conversion of outstanding Business Employment Incentive Program (BEIP) grant commitments into refundable tax credits.

Under the law, a business approved for a BEIP grant that chooses to pursue this opportunity has 180 days following enactment (by July 11, 2016) to direct the EDA to convert the grant to a refundable tax credit. The law also includes a structure that manages the fiscal effect on New Jersey in any one year, while also allowing for the issuance of tax credits to those companies that have been awaiting grant payments the longest. Credits will be made available for use beginning in Fiscal Year 2017.

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NJ EDA Now Accepting Applications for Incentive Programs Expanded under the New Jersey Economic Opportunity Act of 2013

The New Jersey Economic Opportunity Act of 2013 was signed into law on September 18, 2013. The Act streamlines New Jersey’s 5 existing economic development incentive programs into 2. The Grow Now New Jersey Assistance (Grow NJ) Program will be the main job creation and retention incentive program. Grow NJ is for businesses creating or retaining jobs and making a capital investment in a Qualified Incentive Area and that meet or exceed minimum employment and capital investment requirements. Businesses may apply for grants of corporate business and insurance premiums tax credits for job creation/retention. Continue reading “NJ EDA Now Accepting Applications for Incentive Programs Expanded under the New Jersey Economic Opportunity Act of 2013”

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