What job creation and retention incentives are available to New Jersey businesses?
Recent Regulations and Resources
Governor Phil Murphy signed the Economic Recovery Act into law on January 7, 2021 to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. Programs outlined inthe law include tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources forsmall businesses; support for new supermarkets and healthy food retailers infood desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry.
The New Jersey Economic Development Authority (NJEDA) has launched a website to provide information on the Economic Recovery Act of 2020 and collect input from the public on the implementation of the package of taxincentive, financing, and grant programs that will be created under the Act. Visit www.njeda.com/economicrecoveryact for more information and to submit comments.
The portal will allow any member of the public to provide input on how the Authority will operationalize various aspects of the new programs, such program eligibility requirements, net benefit and cost benefit analyses, and community benefit agreements. The site will also allow members of the public to share their thoughts on how the NJEDA can make the programs more transparent. This process precedes and is separate from the NJEDA’s formal procedure to adopt short-term rules, which will be effective immediately as authorized under the Economic Recovery Act, and the procedure for long-term rules which will provide another opportunity for comment on rules and regulations for each new program in accordance with the Administrative Procedures Act.
All comments submitted through this portal are subject to New Jersey’s Open Public Records Act.