Economic Incentive Programs

Economic Development and Infrastructure

  • Historic Property Reinvestment Program provides tax credits for part of the cost of rehabilitating historic properties in this State. Tax credits under this program are capped at $50 million annually for six years.
  • Brownfields Redevelopment Incentive Program provides tax credits to compensate developers of redevelopment projects located on brownfield sites for remediation costs. Tax credits under this program are capped at $50 million annually for six years.
  • New Jersey Innovation Evergreen Program auctions tax credits for cash, which will be used to invest in innovation as a catalyst for economic growth and to advance the competitiveness of the State’s businesses in the global economy. Tax credits under this program are capped at $60 million annually for six years.
  • Food Desert Relief Program provides tax credits in order to incentivize businesses to establish and retain new supermarkets and grocery stores in food desert communities. Tax credits under this program are capped at $40 million annually for six years.
  • New Jersey Community-Anchored Development Program provides tax credits to anchor institutions to incentivize the expansion of targeted industries in the State and the continued development of certain areas of the State. Tax credits under this program are capped at $200 million annually for six years, but the $200 million annual cap will be split so that up to $130 million of tax credits will be for areas in the 13 northern counties of the State and $70 million for areas in the eight southern counties.
  • New Jersey Aspire Program provides tax credits to encourage redevelopment projects by covering certain project financing gap costs. Tax credits are combined with the tax credits under the New Jersey Emerge Program (below) and subject to a cap of $1.1 billion annually for six years, but the $1.1 billion annual cap will be split so that up to $715 million of tax credits will be for projects located in the northern counties of the State and $385 million for projects located in the southern counties. The $1.1 billion cap does not apply to transformative projects. For transformative projects under the Aspire program and the Emerge program the combined credits over six years is capped at $2.5 billion.
  • New Jersey Emerge Program provides tax credits to encourage economic development, job creation, and the retention of significant numbers of jobs in imminent danger of leaving the State. Tax credits are combined with the New Jersey Aspire Program (above) and subject to a cap of $1.1 billion annually for six years, but the $1.1 billion annual cap will be split so that up to $715 million of tax credits will be for projects located in the northern counties of the State and $385 million for projects located in the southern counties. The $1.1 billion cap does not apply to transformative projects. For transformative projects under the Aspire program and the Emerge program the combined credits over six years is capped at $2.5 billion.
  • Main Street Recovery Finance Program provides grants, loans, and loan guarantees to small businesses. The bill appropriates $50 million for this program.
  • New Jersey Ignite Program is codified in statute to provide start-up rent grants to collaborative work-spaces through a public-private partnership to support the early months of an early stage innovation economy business’s rent at the collaborative workspace. The bill appropriates $250,000 for this program.
  • Grow New Jersey Assistance Program is amended to clarify various definitions and to grant greater flexibility to amend current Incentive Agreements. The EDA has broader authority to address deferrals, adjustments, and termination of incentive agreements for businesses affected by COVID-19.
  • Economic Redevelopment and Growth Grant Program is amended to extend deadlines and allow an additional $220 million of tax credits to be awarded.
  • Film and Digital Media Tax Credit Program is amended to extend film tax credit provisions to include provisions for “New Jersey film partners” and “New Jersey film-lease partners,” and to allow an additional $200 million of tax credits annually over 13 years.
  • New Jersey Emerging Technology and Biotechnology Financial Assistance Program is amended to include an increase the annual amount of tax benefits for the Net Operating Loss (NOL) Program that the EDA may approve.
  • New Jersey Angel Investor Tax Credit Act is amended to increase the annual tax credit cap from $25 million to $35 million and to add provisions for venture funds.