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To revitalize a state suffering from the economic and personal hardships wrought by the COVID pandemic, New Jersey Governor Murphy signed into law on Jan. 7, 2021, the New Jersey Economic Recovery Act of 2020. The Act adopts a series of incentives to both encourage businesses to settle in New Jersey and prevent Garden State businesses from fleeing to greener pastures elsewhere. Many of these programs will be administered by the New Jersey Economic Development Authority (“Authority”).
The new Emerge Program provides tax credits to encourage economic development, job creation and the retention of significant numbers of jobs in imminent danger of leaving the state. The program will target businesses that build, acquire or lease space in the state with plans to create or retain full-time jobs.
Sumter Bill to Establish NJ Biannual Business Matchmaker Initiative Clears Assembly Committee January 13, 2021, 3:52 pm | in
Sumter Bill to Establish NJ Biannual Business Matchmaker Initiative Clears Assembly Committee
(TRENTON) – Ensuring small businesses are connecting to opportunities offered by federal, state and local government agencies, Assemblywoman Shavonda Sumter sponsors legislation that would create a business matchmaker program in New Jersey.
The measure was approved Wednesday by the Assembly Community Affairs and Development Committee.
“Business matchmaker programs have been successful in other states around the country. Small business owners with aspirations to grow their businesses need access and a conduit to these important connections in various government agencies,” said Sumter (D-Bergen, Passaic). “A program like this one will be especially crucial as we begin to rebuild Main Street, small business communities and local e
Read Gov. Phil Murphy’s full 2021 State of the State address
Updated Jan 12, 2021;
Posted Jan 12, 2021
Gov. Phil Murphy delivers his latest State of the State address Tuesday in an empty theater at the Trenton War Memorial. It was broadcast Tuesday. Ed Murray | NJ Advance Media for NJ.com
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“My fellow New Jerseyans.
I don’t need to tell you these are different times. So, this is a different kind of speech.
Instead of delivering this address in a crowded state house, I’m standing in an empty theater.
Yet for all the changes, the most important things remain constant. Our values. Our priorities. Our vision. And that we are all New Jerseyans.
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On January 7, Governor Murphy signed into law the Brownfields Redevelopment Incentive Program Act (the Brownfields Act) as part of the broader New Jersey Economic Recovery Act of 2020 (the Recovery Act) (A4/S3925). The Recovery Act, effective immediately, appropriates over $55 million in spending and allows over $14 billion in potential tax credits aimed at various sectors and community projects.
The Brownfields Act authorizes $50 million in annual tax credits over six years to eligible developers of underused, contaminated commercial properties, known as “brownfields.” The tax credits are meant to compensate developers for the costs of cleaning up brownfields before development.