In the News

NJ Kicks Off Business Tax Credit Program

Law360

May 14, 2021

As seen in this article, "New Jersey's economic development board opened its new business tax credit program to encourage small and large businesses to invest private capital into the state and create jobs.

"The board of the New Jersey Economic Development Authority on Wednesday approved the creation of the Emerge program, which state leaders passed several months ago as part of the Economic Recovery Act of 2020. The board also approved short-term rules for Emerge to allow the agency to start accepting program applications, the agency said."

The article later continues, "Ted Zangari, a real estate attorney with Sills Cummis & Gross P.C., told Law360 on Friday that under the Grow New Jersey program, an employee was required to work at a qualified business facility 80% of the time to be eligible for an award. The rules for Emerge require the employee to spend 80% of the work week, 35 hours, anywhere in New Jersey.

"'I'm pleased that NJEDA has recognized the likely post-pandemic increase in work-from-home or work offsite activity,' Zangari said. 'The additional flexibility will be welcomed by corporate site selectors.'"