The New Jersey Economic Development Authority (NJEDA) has extended the annual reporting deadlines for businesses that received tax credits through the Grow New Jersey, Economic Redevelopment & Growth (ERG) and Urban Transit Hub (HUB) programs because of the impact of COVID-19, the EDA announced on April 13, 2020.
Per NJEDA’s announcement, under the extension, annual reports will be due 90 days after the EDA notifies businesses the restrictions imposed by Gov. Phil Murphy’s statewide stay-at-home order issued March 21 are no longer in effect.
Under existing rules for the Grow NJ and HUB programs, award recipients were required to submit an annual report 120 days after the end of the relevant tax period. Failure to submit the relevant report in a timely fashion results in forfeiture of the tax credit for that tax period.
Similarly, residential and mixed-use parking ERG approval letters require an annual report for a developer’s tax period within 120 days after the end of the tax period. Failure to submit this report in timely fashion results in the forfeiture of the tax credits for that tax period.
Per NJEDA, the ability to file on a timely basis was impacted last month, when Governor Murphy — through Executive Order 107 — announced the closure of all non-essential retail business, requiring all employers to offer work-form-home wherever practicable and directing all residents to abide by social distancing practices. The Governor has since announced subsequent containment measures.
About Duane Morris:
Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Please see our COVID-19 site or contact your Duane Morris attorney for more information. Prior Alerts are available on the team’s webpage.
For Further Information:
If you have any questions about this Alert, please contact Brad A. Molotsky, Paul Josephson, or any member of our COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.
Governor Phil Murphy and the New Jersey Economic Development Authority (NJEDA) will be launching a COVID-19 Jobs and Hiring Portal to help employers who have critical hiring needs amid the COVID-19 pandemic.
However, the first step is to gather details on employers’ immediate hiring needs.
NJEDA now has a live intake tool for employers with urgent COVID 19-related hiring needs to complete ASAP. Employers can access this tool in two ways:
- Through an online portal available at https://jobs.covid19.nj.gov/intake
- As an Excel spreadsheet that can be downloaded at https://jobs.covid19.nj.gov/intakeexcel and then emailed to firstname.lastname@example.org.
Please note: if an employer is hiring for more than five positions or hiring for a specific position at more than five locations, it is recommend they complete the intake process using the Excel form.
Information can be found at the NJEDA website and the jobs.covid19.nj.gov sites. Be safe and check it out if needed.
Per the Philadelphia Business Journal, Gov. Tom Wolf on Thursday afternoon ordered “all non-life-sustaining businesses” in Pennsylvania to close their physical locations beginning at 8 p.m. Thursday for an undetermined amount of time.
He also said enforcement for non-compliant businesses would begin at 12:01 a.m. Saturday.
“To protect the health and safety of all Pennsylvanians, we need to take more aggressive mitigation actions,” Wolf said. “This virus is an invisible danger that could be present everywhere. We need to act with the strength we use against any other severe threat. And we need to act now before the illness spreads more widely.”
Notwithstanding that the City of Philadelphia had its own version of business closure mandates from earlier this week, the Governor’s pronouncement applies to the entire Commonwealth – WOW!
Difficult times call for difficult decisions.
“Non-life sustaining” is defined by a chart published by the Administration that you can find online at https://www.governor.pa.gov/wp-content/uploads/2020/03/20200319-Life-Sustaining-Business.pdf