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New Jersey Economic ReCovery Act

Submit Feedback View Programs

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)

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.

Public Input Process

Thank you for sharing your perspectives as we develop the programs established by the ERA.

Please be aware that NJEDA offers this opportunity to provide input in addition to, but not as part of, the NJEDA’s formal process for rules adoption. The formal process will follow the requirements in the ERA and the Administrative Procedures Act.

All comments submitted through this website will be reviewed by our program development staff as we set up the ERA programs. NJEDA staff will not respond directly to any comments, but we may follow-up with you if we need additional clarification on your comment.

Please observe the following guidelines when submitting your comments:

PLEASE DO

  • Share your feedback, relevant observations, and additional information.
  • Keep comments brief and to the point.
  • Use attachments to share more detailed or formal feedback.

PLEASE DO NOT

  • Include information that you do not want to be made public.
  • Submit any information or other material protected by copyright without the permission of the copyright owner.
  • Submit comments about topics unrelated to the ERA.

We may, at NJEDA’s sole discretion, publish any, all, or a representative sample of comments in full or in part.

Do not include any information in your comment that you do not want to become public. Do not include any personally identifying or contact information if you do not want to be identified.  (Providing optional contact information, however, will allow us to follow up with you if clarification is needed.)

We will not accept or agree to a request to keep information confidential.

By submitting material, you grant to the NJEDA the non-exclusive, worldwide, transferable right and license to display, copy, publish, distribute, transmit, print, and use such information or other material in any way and in any medium, including but not limited to print or electronic form.

Public Feedback

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WE WANT TO HEAR FROM YOU

Please share your thoughts on how NJEDA can best implement the Economic Recovery Act



To help us best utilize your input, please indicate which topic(s) you're commenting on.
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