New Jersey § 34:1b-256

§ 34:1b-256.

The Legislature finds and declares that: a. (1) the Grow New Jersey Assistance Program (Grow Program) is the State's premier

job creation and retention business incentive program that offers eligible businesses

creating or retaining jobs in New Jersey tax credits for making certain capital investments

at certain locations in the State; (2) according to the New Jersey Economic Development Authority (authority), the State

agency that administers the Grow Program, as of the end of July 2017, the authority

approved 229 projects, amounting to more than $4.4 billion in tax credits to be awarded

after these businesses create or retain jobs and make capital investments; (3) the authority reports that, collectively, these eligible businesses are to make

a total capital investment of $3.85 billion, create 28,800 new full-time jobs, retain

30,420 jobs at risk of leaving the State, and create 15,730 estimated construction

jobs, having an estimated net benefit to the State of $13.4 billion; and (4) although the Grow Program is achieving its intended result of having businesses

locate in the commercial areas of the State's cities and shuttered suburban office

parks, thereby revitalizing these commercial areas, the State has opportunities from

time to time to attract corporate headquarters that have the effect of transforming

the economy of a region of the State. b. Therefore, the Legislature determines that it is in the economic interest of the

residents of this State that a new, enhanced business incentive program be created

to supplement the Grow Program, where an eligible business creating at least 30,000

new, full-time, high-paying jobs and making a capital investment of at least $3 billion

at a site in this State, be awarded an enhanced amount of tax credits by the authority

for undertaking the construction of a corporate headquarters that has the effect of

transforming the economy of a region of the State.