New Jersey § 34:1b-139

§ 34:1b-139.

a. There is established a pilot program, to be administered by the New Jersey Economic

Development Authority, through which the authority shall provide grants to businesses

to assign their employees, who are New Jersey residents assigned to locations outside

of the State, to New Jersey locations. A business shall be eligible for a grant under the pilot program if the business

has 25 or more full time employees and is principally located in another state. b. A business seeking a grant pursuant to this section shall submit an application

for approval to the authority on or before July 1, 2028, in the form and manner prescribed

by the chief executive officer of the authority. Following approval of an application, but before the disbursement of grant funds,

the authority shall require the business to enter into a grant agreement. The grant agreement shall, at a minimum, specify the amount of the grant to be awarded

to the business, the minimum number of resident employees the business shall assign

to the State, and, if applicable, the terms governing actions proposed to be undertaken

by the business for the purpose of receiving the preference authorized by subsection

c. of this section. If the authority determines that the business made a material misrepresentation

on the business's grant application or if the business fails to comply with any requirement

set forth in the grant agreement, then the business shall return to the authority

any grant awarded pursuant to this section. c. The value of the grant shall be the New Jersey Gross Income Tax withholdings of

resident employees re-assigned by the business to a New Jersey location, as certified

by the Director of the Division of Taxation, or $500,000, whichever is less. In awarding the grants made available by this section, the authority may establish

a preference for businesses that: acquire or lease office space in this State and

make a capital investment in such office space; submit to the authority a plan showing

that the business will provide bonuses to, or otherwise increase the compensation

of, employees relocating to the State; or both. The sum of all grants awarded pursuant to this section shall not exceed $35,000,000

in any State fiscal year. As used in this subsection, “ capital investment ” means expenses that the business incurs, or are incurred on behalf of the business

by its landlord, for construction, repair, renovation, improvement, equipping, or

furnishing of a building or structure acquired or leased by the business and used

in connection with the operation of the business.