September 18, 2013
The legislation – in the works for over a year – collapses the State’s four existing business incentive programs (BEIP, BRRAG, UTHTC and GrowNJ) into an overhauled GrowNJ program that incorporates the very best features of each program being phased out within the next 90 days. The bill also makes significant changes to the State’s primary developer incentive program, a tax increment finance program known as ERGG (Economic Redevelopment Growth Grant).
We have prepared a chart that summarizes the new GrowNJ business retention and attraction program. Click here to review the chart.
We will also be preparing a summary on the revised ERGG developer incentive program which will be available on the Sills Cummis & Gross redevelopment law blog: www.redevelopnj.com.
Ted Zangari, Chair of the Firm's Government Relations and Public Policy Practice Group and Redevelopment Law Practice Group, worked tirelessly to help get this law passed.