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  • NJ A4655
  • Requires EDA to undertake certain actions concerning records of businesses receiving or applying to receive certain tax incentives.
Introduced
(2/28/2017)
In Committee
(2/28/2017)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill requires a business awarded a grant of tax credits under the Business Retention and Relocation Assistance Grant Program to submit annually documentation deemed necessary for the New Jersey Economic Development Authority (EDA) to verify that the business continues to maintain the number of retained full-time jobs for a business project as specified in the project agreement the EDA has with the business. The Department of Labor and Workforce Development is to forward to the EDA any records of the business kept by the department to be used by the EDA for those verification purposes. Further, the bill requires a business applying for a grant of tax credits under the Grow New Jersey Assistance Program to submit documentation to the EDA that, in determining whether a proposed business capital investment will yield a net positive benefit to the State, the EDA deems necessary to review and analyze the business's cost benefit analysis showing all in-State and out-of-State costs to the business and that the out-of-State costs are proved to be more economical to the business under the cost benefit analysis. An award of tax credits under the program is not to be approved by the EDA until proper documentation has been obtained from the business for the cost benefit analysis. The bill implements the recommendations of the Office of the State Auditor in its report entitled, "New Jersey Economic Development Authority, Selected Incentive Programs, July 1, 2011 to September 30, 2016."
Commerce and Economic Development
Introduced, Referred to Assembly Commerce and Economic Development Committee  (on 2/28/2017)
 
 

Date Chamber Action Description
2/28/2017 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
None specified