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After 2 years offline, NJ reopens applications for real estate incentives June 1, 2021 2:37 pm After being shuttered for nearly two years, the New Jersey Economic Development Authority opened applications June 1 for a state incentive for residential developers, under one of a dozen programs meant to lift the state out of the COVID-19 recession. The program is known formally as the Economic Redevelopment and Growth program, which initially expired in July 2019 amid intense public scrutiny and political fighting over ERG and the Grow New Jersey corporate tax breaks. But the state Legislature authorized $50 million toward the program under the newly minted “New Jersey Economic Recovery Act of 2020,” which Gov. Phil Murphy signed in January after the bill was fast-tracked to his desk. ....
Resilience defined. How one of N.J.'s largest municipalities adapted during the year of COVID. nj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nj.com Daily Mail and Mail on Sunday newspapers.
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Advertisement 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, prop ....
On December 21, 2020, the New Jersey Legislature passed the “ New Jersey Economic Recovery Act of 2020” (the “Economic Recovery Act” or the Act ), an omnibus piece of legislation which provides support for various programs and policies related to jobs, property development, food deserts, community partnerships, and small and early-stage businesses, among others. The bill now heads to Governor Murphy, who is expected to sign it into law. In an effort to bolster development, the Economic Recovery Act creates, among other things, various tax credit programs which will provide qualifying taxpayers with tax credits for project financing gaps for: (i) qualified redevelopment projects, (ii) rehabilitating qualified historic New Jersey properties, (iii) remediation costs for qualified brownfield redevelopment projects, and (iv) establishing and retaining new supermarkets and grocery stores in food desert communities. ....