New Jersey will increase its business tax credits to attract and retain jobs under legislation recently signed by Gov. Chris Christie.
The bill encourages development in the cities of Camden, Trenton, and the southern half of the state. It consolidates New Jersey’s five tax incentive programs into two — one to give grants for creating jobs, the other to keep jobs from leaving the state. It also makes it easier for businesses to qualify for subsidies.
The incentives could reduce a company’s tax liability as much as $350 million over 10 years.
New Jersey has greatly accelerated the use of subsidies, awarding $2.11 billion in the past 13 years, more than five times as much as in the previous decade. These incentives also help businesses compete nationally for more investment dollars.
For additional information, go to http://www.nj.gov/njbusiness/financing/