State Sens. Raymond Lesniak (D) and Joseph Kyrillos (R) have introduced legislation that will create a brand new incentive to both retain and attract jobs in smart growth areas of New Jersey. The incentive will be known as the "Grow New Jersey Assistance Program." The bill, S-3033, will be considered by the Senate Economic Growth Committee, which Sen. Lesniak chairs, at 11am on Monday, September 19 in Committee Room 1 of the State House. To view a copy of the proposed legislation, click here.
From its inception, the Smart Growth Economic Development Coalition has urged the creation of a new incentive program to attract and retain businesses because:
- The Urban Transit Hub Tax Credit Act and its various amendments over the last few years is spurring the construction of several $50 Million+ corporate headquarters projects around the State -- but the program is limited to nine cities.
- The Business Employment Incentive Program (BEIP), aimed at attracting new jobs, is competitive with incentives offered by other states -- but the $50,000 per employee cap on the incentive program often hobbles our State's ability to attract the C-Suite jobs.**
- The Business Retention and Relocation Assistance Grant (BRRAG) program, aimed at retaining existing jobs, is more competitive now that the Christie Administration and Legislature have increased the per employee stipend six-fold -- but at a maximum stipend of $13,500 per retained job, the program is often woefully inadequate to keep jobs from migrating to competing states offering BEIP-type incentives.**