Bill > A5482

Introduced Session

This bill establishes the Main Street Economic Growth Program (program) for the purpose of providing financial and technical assistance to businesses located in main street areas within certain small municipalities. The bill's purpose is to encourage business development along traditional main streets of less-populated municipalities. The bill directs the New Jersey Economic Development Authority (EDA) to establish the program, in consultation with the Department of Community Affairs and the New Jersey Business Action Center. The bill authorizes the governing body of a small municipality to designate a "Main Street area" within the municipality. This designation would set forth the municipality's policy and plan for addressing the economic conditions in the Main Street area. Specifically, the bill defines "small municipality" as any municipality with a population under 11,000, and which municipality either: (1) is designated as a county seat; (2) contains an opportunity zone; or (3) is over 70 percent developed, according to a Department of Environmental Protection data set. The bill provides for corporation business tax credits and gross income tax credits for businesses located in a Main Street area that participate in the program based upon criteria to be determined by EDA. The bill provides that the credits be equal to 15 percent of the cost of employee compensation expenses related to meeting the employment criteria developed by EDA pursuant to the bill. The bill also requires the EDA to establish the Main Street Economic Growth Assistance Fund for the purpose of providing loans, loan guarantees, and technical assistance to area businesses located within the designated Main Street area of a participating small municipality. Under the bill, the EDA is permitted to decide the terms of any loan or loan guarantee, as well as the amount of any technical assistance, that is provided through the program. 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.

AI Summary

Committee Categories

Parker Space (R)*, 

Introduced, Referred to Assembly Commerce and Economic Development Committee (on 05/18/2023)

Official Document