{"id":276,"date":"2020-12-16T16:26:19","date_gmt":"2020-12-16T20:26:19","guid":{"rendered":"http:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/?p=276"},"modified":"2020-12-16T16:26:19","modified_gmt":"2020-12-16T20:26:19","slug":"nj-is-close-on-a-new-6-year-11-5b-incentives-package-designed-to-attract-and-retain-businesses","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/2020\/12\/16\/nj-is-close-on-a-new-6-year-11-5b-incentives-package-designed-to-attract-and-retain-businesses\/","title":{"rendered":"NJ is Close on a New 6-Year, $11.5B Incentives Package designed to Attract and Retain Businesses"},"content":{"rendered":"\r\n

At long last, NJ is close to a d\u00e9tente between the Legislature and the Governor\u2019s office on a new business incentives program designed to attract and retain businesses to NJ. The new recovery and reform package will be known as the \u201cNew Jersey Economic Recovery Act of 2020<\/strong>,\u201d or Assembly Bill 4. It is scheduled for a remotely-held bill hearing at the Assembly Appropriations Committee Friday, Dec. 18, at 11 a.m.

According to Tim Sullivan, the CEO of NJ Economic Development Authority, the new 6 year, $11.5B incentives program<\/strong> will focus on job creation, innovation, and helping to solve longstanding economic inequality issues<\/strong>.<\/p>\r\n

According to NJ ROI, there will be an Assembly Appropriations Committee meeting Friday, with Assembly and Senate votes likely scheduled for Monday.

Some of the highlights of the program:

\u2022 Annual Cap<\/strong> – it will have an annual cap of $1.5 billion<\/strong>, with each of the programs having an individual cap;<\/p>\r\n

\u2022 Per Jobs Cap and Per Business Cap<\/strong> – it will cap per-job credits and total credits per business \u2014 the previous program had no limits on either \u2014 and awards will be focused on high-growth industries;<\/p>\r\n

\u2022 Transformational Projects<\/strong> \u2013 there will be an additional fund of approximately $2.5 billion<\/strong> for yet-to-be-defined \u201ctransformational\u201d projects, thus giving the state the ability to offer massive incentives for Amazon-like projects;<\/p>\r\n

\u2022 North\/South Jersey<\/strong> \u2013 the program will include a North-South agreement, with approximately 1 of every 3 dollars reserved for the seven counties that make up South Jersey;<\/p>\r\n

\u2022 Credits<\/strong> – it will include a food desert alleviation program, a state-level Historic Tax Credit, a brownfields remediation program and a program designed to support expansion of anchor institutions like higher education, hospitals and arts\/culture institutions;<\/p>\r\n

\u2022 Evergreen Investment<\/strong> – it will include the Governor\u2019s Evergreen investment program;<\/p>\r\n

\u2022 Main Street Businesses<\/strong> – it will have a $50 million<\/strong> direct appropriation to support Main Street businesses through grants, loans and technical assistance. It will do so with 25% being set aside to directly support minority- and women-owned firms; and<\/p>\r\n

\u2022 Prevailing Wage<\/strong> – it will require community benefit agreements that include prevailing wage rules and new requirements for building service workers.<\/p>\r\n

Duane Morris<\/strong> has an active team of lawyers who engage in the public-private partnership space where State based incentives are often critical to the success of a project.\u00a0\u00a0If you have any questions or thoughts, please contact Brad A. Molotsky, Mike Barz, Paul Josephson, Sheila Slocum Hollis, <\/strong>or any of the Duane Morris lawyers you regularly engage with.

Be well and stay safe.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

At long last, NJ is close to a d\u00e9tente between the Legislature and the Governor\u2019s office on a new business incentives program designed to attract and retain businesses to NJ. The new recovery and reform package will be known as the \u201cNew Jersey Economic Recovery Act of 2020,\u201d or Assembly Bill 4. It is scheduled … <\/p>\n

Continue reading “NJ is Close on a New 6-Year, $11.5B Incentives Package designed to Attract and Retain Businesses”<\/span><\/a><\/p>\n","protected":false},"author":285,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[530,37,536,142,537,538,111,541,540,110,535,187,533,532,531,539,542,534],"ppma_author":[520],"class_list":["post-276","post","type-post","status-publish","format-standard","hentry","category-general","tag-1-5b-annual-cap","tag-brad-a-molotsky","tag-food-desert-alleviation","tag-governor-murphy","tag-historic-tax-credits","tag-mike-barz","tag-nj","tag-nj-economic-recovery-act-of-2020","tag-nj-incentives-program","tag-njeda","tag-north-south-jersey","tag-paul-josephson","tag-per-business-cap","tag-per-jobs-cap","tag-senate-president-sweeney","tag-sheila-slocum-hollis","tag-tim-sullivan","tag-transformational-projects"],"authors":[{"term_id":520,"user_id":285,"is_guest":0,"slug":"bamolotsky","display_name":"Brad A. Molotsky","avatar_url":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-content\/uploads\/sites\/37\/2018\/05\/molotskybrad-125x150.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/posts\/276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/users\/285"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/comments?post=276"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/posts\/276\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/media?parent=276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/categories?post=276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/tags?post=276"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/ppma_author?post=276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}