Bill > S1435

This bill establishes the "Downtown Economic Growth Program" to encourage business development in certain small municipalities. The program, administered by the New Jersey Economic Development Authority, provides loans, loan guarantees, tax credits, and technical assistance to businesses located within designated "downtown areas" of small municipalities with populations under 11,000. The bill defines key terms such as "area business," "downtown area," and "small municipality," and outlines the process for municipalities to designate eligible areas. The bill also creates a "Downtown Economic Growth Assistance Fund" to finance the program and provides tax credits for eligible businesses based on employee compensation expenses. The bill requires the Authority to submit annual reports on the program's progress.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S1435