New Jersey enacted AR 4, the New Jersey Economic Recovery Act of 2020 (Act) on January 7. The Act creates a new flagship incentive program called New Jersey Emerge (NJ Emerge), which provides business tax credits for companies increasing employment or making new investments in the state. NJ Emerge replaces the previous primary incentive program, Grow NJ, which expired on June 30, 2019.
The Act also creates other incentives for targeted real estate development, historic preservation, brownfield redevelopment, and start-up businesses. Various eligibility periods apply under the new programs.
Companies with potential job growth or investment in New Jersey should consider if NJ Emerge or one of the other newly enacted incentives programs may be available for their project.