Incentive to innovate: Zwicker says new legislation will boost N.J. economy, help it keep up with rival states

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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