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  • NJ A195
  • Provides grants to eligible businesses equal to 5% of annual base salary of new employees hired under employment grant component of Invest in New Jersey Business Grant Program.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill modifies the employment grant component of the Invest in New Jersey Business Grant Program ("program") administered by the New Jersey Economic Development Authority ("authority) to provide that the amount of each grant be equal to five percent of the "annual base salary" (as that term is defined in the bill) of each eligible position created by a qualified business under the program. Additionally, the bill changes the beginning and ending dates for businesses to be eligible under the program to a period starting after August 31, 2010 and ending before September 1, 2013. Further, the bill requires that funding for the program shall be derived from revenues appropriated from the General Fund and any such monies previously appropriated to the authority for the program pursuant to section 7 of P.L.2008, c.112 and section 1 of P.L.2009, c.74. Under current law, (1) the grant amount to a business is established at $3,000 for each eligible full-time position created by that business, (2) the eligibility period started after December 1, 2008 and ends before January 1, 2011, and (3) a total of $120 million was appropriated by the Legislature for job creation grants or capital investment grants, or both. However, only $70,000 was disbursed before the program was suspended by Governor Christie in April 2010. Therefore, the eligibility period in the bill is changed to reflect a resumption of the program and appropriations from the General Fund in the future.
Commerce and Economic Development
Introduced, Referred to Assembly Commerce and Economic Development Committee  (on 1/27/2016)
 
 

Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
None specified