In the aftermath of two major incentive programs for businesses expiring in New Jersey, there are a few ideas emerging of what the future of Garden State incentives might look like.
The state Economic Development Authority’s Grow New Jersey and Economic Redevelopment & Growth programs expired at the end of last month, which was in many ways the culmination of a drama-embroiled disagreement among politicians in the State House.
Gov. Phil Murphy didn’t sign an extension that passed the state Legislature that would have averted the discontinuation of the tax credit-driven programs. But, even as he let those long-existing business benefits expire, he signed another bill that offers a different path to tax credits.
The bill bolstered a tax credit for angel investors putting money into an emerging Garden State technology firm. The tax credit was raised from 10% to 20% of qualified investments, with additional benefits for investments in Opportunity Zones, low-income communities or in businesses certified as minority- or women-owned.
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