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  • NJ A2223
  • Establishes Main Street Economic Growth Program to encourage business development in small, highly developed municipalities.
Introduced
(1/27/2016)
In Committee
(12/15/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill establishes in the New Jersey Economic Development Authority (EDA) the "Main Street Economic Growth Program" (program) for the purpose of providing financial and technical assistance to a business located in a Main Street area within a small municipality. The bill's purpose is to encourage business development in small municipalities having substantially developed commercial areas. The bill authorizes the governing body of a "small municipality" which is, a municipality having a population under 10,000 which is over 85 percent developed according to 2007 data published by the Department of Environmental Protection, to designate a "Main Street area" in the municipality. In designating a "Main Street area," the governing body is to set forth the municipality's findings concerning the economic conditions existing in the area and the municipality's intentions for addressing them. For a business to be eligible to receive a financial and technical assistance from the EDA under the program, at least 25 percent of the full-time employees of the business must reside within the small municipality. Under the bill, the EDA is to work cooperatively with other State agencies to explore and implement opportunities to direct resources and create enhanced incentives for area businesses participating in the program. The bill provides corporation business tax credits and gross income tax credits for businesses located in a Main Street area within a small municipality that meet the criteria and participate in the program as determined by the EDA. The credits are equal to 15 percent of the cost of employee compensation expenses related to meeting the employment criteria under the definition of an area business under the bill. To provide funding for the program, the EDA is to create the "Main Street Economic Growth Assistance Fund" for the purpose of providing loans, loan guarantees, and technical assistance to area businesses located within a small municipality. The terms of a loan or loan guarantee and the amount of technical assistance is to be at the discretion of the authority based on the monies made available by the authority for the purposes of the fund. The EDA may make monies available for the purpose of the fund from monies received by the EDA from any public or private sources. The bill requires the EDA to issue an annual report to the Governor and Legislature on the program and to adopt rules and regulations to implement the program.
2nd Reading in the Assembly, Commerce and Economic Development
Reported out of Assembly Comm. with Amendments, 2nd Reading  (on 12/15/2016)
 
 
Date Chamber Action Description
12/15/2016 A Reported out of Assembly Comm. with Amendments, 2nd Reading
12/15/2016 Assembly Appropriations Hearing (13:00 12/15/2016 Committee Room 11, 4th Floor)
9/8/2016 A Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee
9/8/2016 Assembly Commerce and Economic Development Hearing (14:00 9/8/2016 Committee Room 16, Fourth Floor)
1/27/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
Detail 12/15/2016 Assembly Appropriations Committee: Reported with Amendments 8 1 2
Detail 9/8/2016 Assembly Commerce and Economic Development Committee: Reported with Amendments 10 0 2