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The New Jersey Economic Recovery Act of 2020, 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 New Jersey Community-Anchored Development Program, which was enacted under the new legislation to provide tax credits to “anchor institutions” to encourage the expansion of targeted industries in certain areas of New Jersey.
Incentivizing Anchor Institutions
The New Jersey Community-Anchored Development Program aims to incentivize anchor institutions in the areas of education, healthcare, culture, community development, and economic development to act as investors in large-scale development projects within New Jersey. Under the program, an anchor institution wil
Press Releases
Over 100 New Jersey Leaders Come Out in Support of Economic Recovery and Tax Incentives Reform Legislation December 21, 2020, 11:56 am | in
Over 100 New Jersey Leaders Come Out in Support of Economic Recovery and Tax Incentives Reform Legislation
12/20/2020
TRENTON – Over 100 leaders in government, the private sector, and labor from across the state expressed their support for the New Jersey Economic Recovery Act of 2020, which will be voted on in the Legislature on Monday:
GOVERNOR MURPHY AND LEGISLATORS
“We are proud to announce that we have reached an agreement on a comprehensive economic recovery package that will support small businesses, drive sustainable economic growth, and reform our tax incentives system. This plan will specifically target historically underserved communities that have also been disproportionately impacted by COVID-19 with tailored programs to combat food deserts, spur brownfields redevelopment, and suppor
County, Municipal, Private Sector, and Labor Leaders Applaud Economic Recovery and Tax Incentives Reform Legislation December 18, 2020, 8:32 pm | in
County, Municipal, Private Sector, and Labor Leaders Applaud Economic Recovery and Tax Incentives Reform Legislation
12/18/2020
TRENTON – Today, 40 leaders from across the state expressed their support for the New Jersey Economic Recovery Act of 2020, which will be voted on in the Legislature on Monday. Today’s announcement builds upon 34 New Jersey leaders issuing support for the package yesterday, bringing the total to 77 supporters, including the Governor, Senate President, and Speaker:
COUNTY AND MUNICIPAL OFFICIALS
“Governor Murphy, thank you for everything you have done, and continue to do, to provide help to the citizens and businesses of New Jersey during these trying times,”
December 18, 2020 at 7:55 PM
TRENTON – In a press release issued by Governor Phil Murphy s office, leaders from across the state expressed their support for the New Jersey Economic Recovery Act of 2020, which will be voted on in the Legislature on Monday.
Today’s announcement builds upon 34 New Jersey leaders issuing support for the package yesterday, bringing the total to 77 supporters, including the Governor, Senate President, and Speaker, said the release.
Mayor Angie Devanney showed her support of the legislation and was quoted along with other County and Municipal Officials. “I am excited by the possibilities of programs such as Main Street recovery Finance Program as Berkeley Heights businesses are still reeling from the pandemic. This is the hope we needed in our community,” said Devanney. “As a community built on the technology of Bell Labs as its headquarters in Murray Hill 1941, I am also truly thrilled about New Jersey Innovation Evergreen Fund to enco