Bill > S3033

This bill establishes the "Grow New Jersey Assistance Program" to provide tax credits to certain businesses, aiming to encourage economic development, job creation, and the preservation of jobs at risk of relocation. The program, administered by the New Jersey Economic Development Authority (Authority), offers tax credits to eligible businesses that make a significant capital investment (at least $20 million) and commit to employing a minimum number of full-time employees in "retained full-time jobs" (jobs at risk of leaving the state) or "eligible positions" (full-time jobs with health benefits). The bill defines key terms like "affiliate" (a related business entity), "capital investment" (expenses for property improvements and equipment), and "qualified business facility" (a building or structure used for business operations within designated areas). Businesses must enter into an agreement with the Authority outlining project details, the duration of tax credits, and requirements for maintaining jobs and operations in New Jersey for a specified period, with provisions for recapturing credits if these conditions are not met. The value of tax credits is set at $5,000 per job annually for ten years, with potential bonus awards of up to $3,000 per job based on factors like industry desirability, location near public transit, high salaries, or positive impact on previously distressed sites. The bill also includes provisions for the transfer of tax credits to other taxpayers and sets an aggregate limit on the total value of credits approved. Additionally, it amends existing laws to adjust definitions and requirements for other business assistance programs, including changes related to urban transit hubs and the "Urban Transit Hub Tax Credit Act."