The New Jersey Economic Opportunity Act of 2013 was signed into law on September 18, 2013. The Act streamlines New Jersey’s five existing economic development incentive programs into two; the Grow New Jersey Assistance (Grow NJ) Program will be the State’s main job creation and retention incentive program and the Economic Redevelopment and Growth (ERG) program will be New Jersey’s key developer incentive program. The EDA is no longer accepting applications for assistance under the Business Employment Incentive Program (BEIP), Business Retention and Relocation Assistance Grant (BRRAG) Program and Urban Transit Hub Tax Credit (UTHTC) Programs; applications that have been submitted prior to the enactment of the new law will be processed by December 31, 2013.
Click here for a summary of the Act.
To view the Act, click here.