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Timeline for Implementing New Jersey’s New Economic Incentives

Timeline for Implementing New Jersey’s New Economic Incentives

Author: Ted A. SchwartzDate: January 19, 2021

New Jersey businesses are understandably eager for the state’s new economic incentive programs to get up and running. However, state officials are advising that it will take time to implement the new programs.

As discussed in prior articles, Gov. Phil Murphy signed the New Jersey Economic Recovery Act of 2020 (Senate Bill 3295/ Assembly Bill 4) on January 7, 2021. The new law establishes a wide range of new initiatives that could total $11.5 billion over six years. Highlights include the Innovation Evergreen Fund, a program that will combine state funds with private capital to support start-ups; the Brownfields Redevelopment Incentive, which aims to facilitate the redevelopment of environmentally contaminated properties; and the Historic Property Tax Credit, which will incentivize the restoration of historic buildings.

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