Highlands Growth Areas Qualify For Business Incentives
Senator Steven Oroho said Governor Chris Christie’s signing today of the bipartisan Economic Opportunity Act will enhance New Jersey’s financial incentive programs for business development and job creation across the state.
“This act streamlines the state’s business incentive programs enhancing the opportunity for companies across the state to take advantage of tax breaks and job creation programs, and increasing New Jersey’s ability to induce new capital investment and grow jobs,” said Oroho (R-Sussex, Warren, Morris). “Attracting new businesses, adding jobs throughout the state and retaining companies already invested in our communities are all paramount to sustaining New Jersey’s economic recovery.”
The bill, A3680, streamlines five tax incentive programs for business growth into two and reduces red tape while expanding eligibility to small businesses and companies in a wider geographic area that includes areas of the Highlands region appropriate for growth. As co-sponsor of the bill, Senator Oroho worked to assure the state’s business incentives weren’t overly limited in scope, but instead were made available to companies not just in urban centers but other suitable growth areas such as the Highlands Planning Area.
“Business growth and economic expansion shouldn’t be limited to a few select areas of the state,” Oroho said. “In order to have a state that’s truly thriving we need business-friendly practices that will add jobs in every community. Having Highlands growth areas qualify for economic incentives will help grow jobs for our local region.”
In addition to boosting the state’s private-sector economy, the comprehensive measure consolidates and expands the Grow New Jersey (“GrowNJ”) and Economic Redevelopment and Growth (“ERG”) tax incentive programs. The GrowNJ program is designed to attract and retain companies in the state by awarding tax credits for each new or retained full time job per year for up to 10 years.
“Under the leadership of Governor Christie and with bipartisan support for recent tax policy changes, we have begun to reverse some of the negative impact of previous tax and spend governance that chased capital investment away from our state,” added Oroho. “However much more work needs to be done to significantly improve New Jersey’s competitive economic position. The signing of this bill today helps in this effort, but part of our commitment must be to continue to change existing tax and regulatory policies that inhibit business development in order to return New Jersey to its proper place as a competitive economic powerhouse.”