EDA NOW ACCEPTING APPLICATIONS FOR INCENTIVE PROGRAMS EXPANDED UNDER THE NEW JERSEY ECONOMIC OPPORTUNITY ACT OF 2013
The New Jersey Economic Opportunity Act of 2013 was signed into law on September 18, 2013. The Act streamlines New Jersey’s five existing economic development incentive programs into two; the Grow New Jersey Assistance (Grow NJ) Program is the State’s main job creation and retention incentive program and the Economic Redevelopment and Growth (ERG) program is New Jersey’s key developer incentive program.
Applications submitted to the Grow NJ and ERG programs are evaluated to determine eligibility as defined within the Act. As performance-based programs, approved projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive the approved benefits.
The EDA is no longer accepting applications for assistance under the Business Employment Incentive Program (BEIP), Business Retention and Relocation Assistance Grant (BRRAG) Program and Urban Transit Hub Tax Credit (UTHTC) Programs.
For more information on the expanded Grow NJ Program, please click here.
For more information on the expanded ERG Program, please click here.
To view the Act, click here.
Click here for a summary of the Act. Please note that the summary has been updated to reflect EOA 2014, Part 3, enacted October 24, 2014.