An approved company can receive a sales tax exemption certificate, which applies only to property purchased for installation at the approved project site. This certificate allows the business to purchase machinery, equipment, furniture, fixtures, and building materials for the project without the imposition of the state’s sales tax.
To be eligible, a company must meet the following requirements:
- A company must have 1,000 or more employees and relocate at least 500 workers to a new or substantially rehabilitated facility.
- Life sciences or manufacturing companies relocating 250 or more employees may be eligible.
- Companies must maintain the retained full-time jobs for five years.
- Qualifying companies must demonstrate that receiving the Sales and Use Tax Exemption benefit is a material factor in the company’s decision not to relocate outside of New Jersey, they must provide health care benefits to employees, and they or a predecessor entity must have operated in New Jersey for at least 10 years (point-of-purchase/retail facilities are excluded).