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.<\/p>\n
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 Phil Murphy\u2019s statewide stay-at-home order issued March 21 are no longer in effect.<\/strong><\/p>\n 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.<\/p>\n Similarly, residential and mixed-use parking ERG approval letters require an annual report for a developer\u2019s 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.<\/p>\n Per NJEDA, the ability to file on a timely basis\u00a0was impacted last month, when Governor Murphy \u2014 through Executive Order 107 \u2014 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.<\/p>\n About Duane Morris<\/strong><\/em>:<\/p>\n 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\u2019s webpage.<\/p>\n For Further Information<\/strong><\/em>:<\/p>\n If you have any questions about this Alert, please contact\u00a0 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.<\/p>\n","protected":false},"excerpt":{"rendered":" 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 … <\/p>\n