NJEDA'S Tax Incentive Programs
The CCSNJ was invited on several occasions to provide comments to various Legislative Committees on the New Jersey Economic Development Authority’s tax incentive programs. These hearings, held with various stakeholders, explored the economic impact the programs have had since going into effect and new legislative options to improve the programs in the future. On June 30, 2018, the previous programs – Grow New Jersey and the Economic Redevelopment and Growth Program (ERG) – both expired leaving New Jersey with no large-scale tax incentive tools to entice businesses to relocate or expand in the state. On August 23, 2019, Governor Murphy conditionally vetoed a bill supported by the CCSNJ, which would have extended the state’s Grow NJ and ERG programs until January 31, 2020. To date, the Legislature and Administration have yet to come to a compromise on how the next iteration of tax incentives should be implemented. It is expected that this issue will be revisited in the upcoming legislative session.
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