When the Economic Opportunity Act was signed into law on Sept. 18, it consolidated five existing programs into two more comprehensive ones: Grow New Jersey (GrowNJ) and Economic Redevelopment and Growth Program (ERG). According to our experts, it’s a game changer as far as what it will accomplish.
Senior Associate, Wolf Commercial Real Estate, Marlton
“When the Economic Opportunity Act was signed into law, it ushered in the beginning of a new era in attracting new businesses to the Garden State—particularly the southern counties. … The act increased tax credit opportunities for eligible companies that create as few as 10 full-time jobs, automobile companies such as Subaru that engage in ‘mega projects,’ and residential developers that engage in land development projects. The majority of these incentives are enhanced when the eligible business activity is performed in the counties of Burlington, Camden, Gloucester, Atlantic, Salem and Cape May. Early beneficiaries of this program include Destination Maternity, which is moving its corporate headquarters to a 74,000-square-foot office in Moorestown, and BK Specialty Foods, which recently moved its operation to a more than 40,000-square-foot warehouse in Swedesboro.”
Freeholder Director, Camden County
“The New Jersey Economic Opportunity Act puts South Jersey in a competitive environment for job creation, new housing and mixed-use development by merging the state’s economic development incentives. This integration will bring about stimulating programs that will attract capital investments by companies that will benefit our region. The plan has immediate benefits, such as the availability of employment opportunity training. We will provide employers with a ready workforce by developing job training skills associated with the new act. In the long term, the Economic Opportunity Act will allow companies to actively pursue tax credits and bonus awards for their commitment to South Jersey. Each new full-time job created or retained under the provisions of the act rewards an employer with GrowNJ tax credits. That will continue to make South Jersey attractive for growth for years to come.”
Published (and copyrighted) in South Jersey Biz, Volume 3, Issue 11 (November, 2013).
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