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New program will pay for NJ PPE production
The PPE Manufacturing Tax Credit will run over three years and allocates $10 million for 2020, 2021 and 2022. It’s part of the broader $14.5 billion New Jersey Economic Recovery Act of 2020, meant to help fuel the state’s rebound from the COVID-19 recession.
After 2 years offline, NJ reopens applications for real estate incentives
The New Jersey Economic Development Authority greenlit a state incentive for residential developers, under one of a dozen programs meant to lift the state out of the COVID-19 recession.
Applications open for $1.1B corporate tax break program
Gov. Phil Murphy said NJ Emerge, which is meant to incentivize employers to remain in the state or set up shop here, “has become even more important as we begin our recovery from the economic devastation of the COVID-19 pandemic.”
Rules adopted for $1.1B tax break program; May start seen for applications
“This is an important step that will support the recovery in New Jersey, especially as we get residents back to work in the aftermath of the pandemic," said NJEDA board chair Kevin Quinn.
Lawmakers, business groups press for tax credits to alleviate labor shortage
A trio of bills are in various stages in Trenton, while trade organizations contend employers need some form of financial relief to help overcome the dearth in hiring.
Filling the gaps
The first awards under the state’s new corporate incentive program have yet to be handed out, but lawmakers are already considering how to clean up the $14.5 billion package. And Gov. Phil Murphy is apparently on board.
Murphy team approves $11.4M in tax breaks for urban redevelopment program
The Neighborhood Revitalization Tax Credit will help finance 18 nonprofits in 11 cities, including Atlantic City, Camden, Newark, Paterson and Trenton.
