Opinion: Revitalizing NJ for Its Newest Generation of Knowledge Workers
The Economic Opportunity Act of 2013 could help fund the redevelopment of the state’s urban centers and suburban office parks
Earlier this month, both Senate and Assembly committees took up the Economic Opportunity Act of 2013, a mammoth piece of legislation that consolidates New Jersey’s disparate economic development incentive programs into two. Grow NJ is focused on attracting and retaining companies here in New Jersey, while the Economic Redevelopment and Growth Grant Program (ERG) creates incentives for development and redevelopment in urban and other designated areas.
The bills are moving fast and have garnered widespread support muted by some criticism.
Grow NJ provides financial incentives to companies to encourage economic growth and job creation, as well as to preserve jobs in New Jersey that are at risk of relocation. The bill links incentives to specific job creation goals based on industry type and minimum capital investment thresholds. It also provides increased tax credits to companies that locate in urban and distressed municipalities. Additional tax-credit awards are offered to companies locating in impoverished areas, building near public transit, providing jobs in New Jersey’s targeted growth industries, and adhering to green-design standards, among other categories. Read more >>
