There’s a new online tool available to businesses that want to better understand the job creation incentives available through the New Jersey Economic Opportunity Act of 2013. Launched by Choose New Jersey Inc., the Incentives Calculator considers input such as location, job creation and real estate type before giving users a customized calculation of tax incentives their businesses have the potential to qualify for by creating jobs and investing in New Jersey.
“This tool is an easy first step for business leaders, site selection consultants and real estate professionals that are looking to better understand state incentives,” said Tracye McDaniel, president and CEO of Choose New Jersey. “The Economic Opportunity Act has boosted New Jersey as a strategic location for business and we want to equip those who are considering locating or expanding in the State with a simple tool to estimate potential benefits under this game-changing legislation.”
Noted as one of the most significant legislation overhauls in New Jersey’s history, the Economic Opportunity Act simplifies New Jersey’s tax incentive programs into two powerful offerings: the Grow NJ Assistance program and the Economic Redevelopment and Growth Program. It reduces the threshold for the size of investment a company needs to make to qualify for tax breaks to as low as 10 full-time jobs for technology start-ups and 25 new jobs in targeted industries, including transportation, manufacturing, defense, energy, logistics, life sciences, technology, health and finance.
Since the Economic Opportunity Act was passed in September 2013, a total of 41 projects have been awarded Grow NJ Assistance program incentives totaling nearly $715.6 million (December 2013 – June 2014). Incentives for the 41 projects are tied to the creation of 6,443 new, full-time jobs and 7,720 retained at-risk jobs in New Jersey.