New Jersey Economic ReCovery Act

Edwin J. Torres/NJ Governor’s Office

About the Economic Recovery Act

Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020 (ERA) into law on January 7, 2021. The ERA creates a package of tax incentive, financing, and grant programs that will address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy.

Programs outlined in the law include:

Tax credits to incentivize job creation and capital investment;
Investment tools to support and strengthen New Jersey’s innovation economy;
Tax credits to strengthen New Jersey’s communities including revitalization of brownfields and preservation of historic properties;
Financial resources for small businesses, including those impacted by the COVID-19 pandemic;
Support for new supermarkets and healthy food retailers in food desert communities;
Additional tax credits for film and digital media.

Economic Recovery Act Programs

Angel Investor Tax Credit Program (ERA-update)

Aspire Program (NEW)

Brownfield Redevelopment Incentive (NEW)

Community-Anchored Development Program (NEW)

Economic Redevelopment and Growth (ERG) (ERA-update)

Emerge Program (NEW)

Food Desert Relief Program (NEW)

Grow NJ (ERA-update)

Historic Property Reinvestment Program (NEW)

Main Street Recovery Fund (NEW)

Net Operating Loss (NOL) Program (ERA-update)

NJ Film & Digital Media Tax Credit Program (ERA-update)

NJ Ignite (ERA-update)

NJ Innovation Evergreen Fund (NEW)

Offshore Wind Tax Credit (ERA-update)

Personal Protective Equipment (“PPE”) Manufacturing Tax Credit (NEW)

Financing and Incentive Programs

Innovation Economy Programs

AnticiPated UpComing PROGRAM LAUNCH DATES

MAY 2021

| EMERGE PROGRAM
The NJEDA is now accepting applications for the Emerge Program
Click here to learn more.

JUNE 2021

| RESIDENTIAL ERG PROGRAM
Click here to check out the ERG Residential Extension Clarification Document

| OFFSHORE WIND TAX CREDIT
Proposed amended program rules to be considered by NJEDA Board at June 9th, 2021 Board Meeting.

CHECK BACK SOON:

| We will be posting additional anticipated launch dates in the coming weeks.

Economic Recovery Act Reform Provisions

The NJ Economic Recovery Act of 2020 contains meaningful reforms that will better position New Jersey to recover from economic crisis caused by the COVID-19 pandemic while remaining true to the Authority’s commitments to transparency and accountability.

Creation of an Office of the Inspector General within the NJEDA.
Appointment of a Chief Compliance Officer within the NJEDA.
Penalty of perjury for CEO certification.
Publication of a bi-annual report by a research university in New Jersey detailing program implementation and project information with the goal of better evaluating the effectiveness of programming and impacts on the State.
Caps for all incentive programs, including annual and lifetime limits, to allow for fiscal prudence and sound budgeting.
Strengthened prevailing wage requirements, including commitments to building service workers.
Required Community Benefit Agreements.
New tax credit transfer reforms, such as, increased minimum tax credit sale prices, annual reporting on tax credit sales, and restrictions on re-selling tax credits after the initial sale.
Requirements that approved applicants are in good standing with the Departments of Labor, Treasury, and Environmental Protection;
Enhanced data sharing across State agencies to better ensure applicant information and annual certifications are factually accurate.
More clearly defined documentation requirements to assist the Authority in determining whether an award of tax credits is a material factor in an eligible business’s location decision.

Three ways you can provide FEEDBACK to how NJEDA sets up the ERA programs…

GENERAL
ERA PROGRAM
FEEDBACK

Provide general suggestions on one or more ERA programs prior to NJEDA releasing program-specific information.

You can use this website to provide thoughts on the ERA legislation and how NJEDA should implement the ERA programs.

learn more and provide feedback

INFORMAL
PROGRAM-SPECIFIC
FEEDBACK

Provide specific feedback on draft program regulations, before they are approved by NJEDA’s Board.

NJEDA will post additional draft ERA program regulations on this website for public input as they are developed.

learn more and provide feedback

FORMAL
REGULATORY
FEEDBACK

Provide formal public feedback on the proposed regulations approved by our Board.

All ERA programs will have a formal APA 60-day public comment period once proposed rules are published.

Stay tuned for Future Regulations