Scarinci Hollenbeck, LLC
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201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: January 21, 2021
The Firm
201-896-4100 info@sh-law.comOn January 7, 2021, New Jersey Gov. Phil Murphy signed the New Jersey Economic Recovery Act of 2020 into law. The comprehensive economic incentives program is welcome news for the state’s business community, which continues to be impacted by the COVID-19 pandemic.
“These programs are the product of nearly three years of hard work, during which we received input from hundreds of voices on how best to structure our state’s recovery and growth,” Gov. Murphy said in a press statement. “I am immensely proud of the result, which will not only provide much-needed relief for our small businesses, but will also fundamentally change economic development in our state while creating thousands of high-paying jobs for our residents.”
The New Jersey Economic Recovery Act of 2020 authorizes up to $11.5 billion in new economic development incentives over a seven-year period. The programs are designed to foster redevelopment, create jobs, and attract businesses to the state. Below is a brief description of the new programs established under the Economic Recovery Act:
Many of the programs will require the NJEDA and other state agencies to enact implementing regulations. Additional guidance will also likely be forthcoming on each program.
Given that the tax incentive programs all have very specific eligibility requirements, interested businesses should now begin the preliminary process of determining whether they may benefit from any of the programs and whether they qualify to participate. At Scarinci Hollenbeck, our experienced and multi-disciplinary team of attorneys stand ready to help businesses of all sizes navigate the application process and reap the significant benefits of these new tax incentives.
If you have any questions or if you would like to discuss the matter further, please contact me, Jeff Pittard, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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