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New Jersey Legislature Approves New Jersey Economic Recovery Act Of 2020, Paving Way For New Economic Growth Tools And Incentive Programs Monday, December 28, 2020
With the world’s focus tethered to economic stimulus related to the impacts of COVID-19, it’s easy to forget that New Jersey’s Grow New Jersey and Economic Revitalization & Growth programs expired on July 1, 2019 without a replacement. Since then, the legislature has made several attempts at replacing these critical programs without success. Finally, last week Assembly Bill 4, titled “New Jersey Economic Recovery Act of 2020,” was passed by votes in both the New Jersey State Assembly and State Senate. The bill is a comprehensive tax incentive overhaul legislation in response to the COVID-19 pandemic, and replaces the expired corporate tax incentives with new programs. The plan provides for the administration and funding of programs related to the creation of jobs, property and rea