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The New Jersey Economic Recovery Act of 2020 (ERA), a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous other economic development initiatives, was signed into law by Governor Phil Murphy on January 7, 2021.
This Client Alert focuses on the Offshore Wind Tax Credit Program, which represents an enhancement under the ERA of New Jersey’s existing and underutilized tax credit incentives for “qualified wind energy” facilities that were adopted in 2010 (P.L. 2010. C. 57). The newly bolstered incentive program is intended to provide critical financial assistance to the development of the offshore wind industry in New Jersey and the construction of large-scale, electric generation wind turbines off the New Jersey coast.
The New Jersey Economic Recovery Act Of 2020: An Overview Of The New Jersey Film & Digital Media Tax Credit Program | Greenbaum, Rowe, Smith & Davis LLP
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Lawmakers push for tax-break clean-up bill before summer recess April 21, 2021
2:30 pm
State lawmakers are hoping to pass a clean-up bill for a key corporate tax incentive program before they break for summer recess on July 1.
The program, known as NJ Emerge, has a yearly budget of $1.1 billion, and is run by the New Jersey Economic Development Authority, which is in the rulemaking process and hopes to approve the first awards in May under an interim set of rules.
NJEDA officials did not return numerous inquiries and requests for comment.
Gov. Phil Murphy approves legislation to create $15 million arts and culture COVID-19 relief program on April 8, 2021, in Long Branch. – EDWIN J. TORRES/GOVERNOR’S OFFICE
To embed, copy and paste the code into your website or blog:
The New Jersey Economic Recovery Act of 2020 (ERA), a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships and numerous other economic development initiatives, was signed into law by Governor Phil Murphy on January 7, 2021.
This Client Alert focuses on the Personal Protective Equipment (PPE) Manufacturing Tax Credit Program, enacted as part of the ERA legislation to provide tax credits for businesses that invest in the production of PPE during the 2020, 2021 and 2022 tax years.
Awards
The New Jersey Economic Development Authority (EDA) will administer the PPE Manufacturing Tax Credit Program, which makes available $10 million in investment tax credits annually until tax year 2022 to PPE manufacturing facilities in an effort to create manufacturing jobs and to increase the availability of critical public healt
To embed, copy and paste the code into your website or blog:
The New Jersey Economic Recovery Act of 2020 (ERA), a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous other economic development initiatives, was signed into law by Governor Phil Murphy on January 7, 2021.
This Client Alert focuses on the Food Desert Relief Program, enacted as part of the ERA legislation to alleviate food insecurity and increase access to nutritious food in food desert communities across New Jersey. The program provides economic incentives to eligible businesses to construct, operate and retain grocery stores in communities that are underserved by grocery stores, supermarkets and other food retailers. It is intended to present unique opportunities for food retailers to expand their business into urban food desert communities that they may not otherwise serve due to economic chall
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