Supporting small businesses, driving sustainable economic growth, and the long-overdue reform of our tax incentives system— the legislation sponsored by Assembly Budget Chair Eliana Pintor Marin and Assembly Speaker Craig Coughlin to put New Jersey on a path to economic recovery post-COVID-19 and into the future was approved by the Assembly and Senate Appropriations panel on Friday.
“We worked to develop a comprehensive piece of legislation that will put New Jersey on a path to economic recovery post-COVID-19 and beyond,” said Assembly Budget Chair Eliana Pintor Marin (D-Essex). “It includes a wide range of critical business and redevelopment incentives, which will spur growth in many areas that have been longstanding concerns for the state. New Jersey has been without an incentive program for over a year and a half, and this measure will make our businesses competitive with those in other states again. When combined with incentives to invest in technological innovation, developing brownfields, and eliminating food deserts, among others, we can help those struggling and drive the entire state forward.”
“A-4 builds a new economic recovery and incentive program that will bolster businesses from Main Street small business to attracting new and larger job-creating corporations to make New Jersey home,” said Assembly Speaker Craig Coughlin (D-Middlesex). “This legislation also creates programs that address the problem of food deserts giving families fighting hunger greater access to healthy food options in the future as well as others similarly aimed toward historically underserved communities disproportionately impacted by the pandemic. Reauthorization of a large scale job incentive package has been a long time coming in this state. I believe we have arrived at a plan that will lead New Jersey to a stronger economic future.”
The legislation (A-4) would establish economic development programs to incentivize:
- the rehabilitation of certain historic properties (Historic Property Reinvestment Act); remediation and redevelopment of brownfield sites (Brownfields Redevelopment Incentive Program Act);
- investment in innovation (New Jersey Innovation Evergreen Act);
- the location and improvement of certain grocery stores in food desert communities (Food Desert Relief Act);
- partnerships with certain anchor institutions (New Jersey Community-Anchored Development Act);
- property redevelopment (New Jersey Aspire Program Act);
- job creation and retention (Emerge Program Act);
- the continued operations of small businesses (Main Street Recovery Finance Program Act);
- the growth of certain early-stage companies (New Jersey Ignite Act).
The bill would amend the existing statute to expand the availability of tax incentives for certain wind projects (Offshore Wind Economic Development Act) and certain film projects (Film and Digital Media Tax Credit Program). It would further establish a Working Group on Entrepreneur Zones; concern the procurement and manufacturing of personal protective equipment (PPE); establish the EDA Integrity and Protection Act; and extend the Economic Redevelopment and Growth Grant (ERG).
The measure will go before the full Assembly and Senate on Monday, December 21.