Bill > S2744

Introduced Session

This bill establishes in the New Jersey Economic Development Authority (EDA) the "Main Street Assistance Program" (program) to provide financial and technical assistance to businesses located in the "Main Street area" within a "small municipality" as those terms are defined in the bill. 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 to designate a Main Street area in the municipality. To designate a Main Street area, the governing body is to provide a statement of intent to the EDA setting forth the municipality's findings concerning the economic conditions existing in the Main Street area and the municipality's intentions for addressing them. For a business to be eligible to receive financial and technical assistance from the EDA under the program, at least 15 percent of the full-time employees of the business are to 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 Main Street area businesses participating in the program. The bill provides Main Street area businesses participating in the program corporation business tax credits and gross income tax credits equal to 15 percent of the cost of employee compensation expenses. The bill requires the EDA to annually report to the Governor and the Legislature on the program and publish the report on the EDA's Internet website. The report is to include the number, names, and types of businesses participating in the program, the total amount of financial and technical assistance provided to those businesses, the amount of financial and technical assistance received per business, the number of jobs created overall and per business, the amount of capital investment made per business, the total amount of technical assistance grants provided to small municipalities, and any other information as the EDA determines is necessary to evaluate the progress of the program. To provide funding for the program, the EDA is to establish the "Main Street Assistance Fund" for providing loans, loan guarantees, and technical assistance to Main Street area businesses participating in the program. The terms of a loan or loan guarantee and the amount of technical assistance is at the discretion of the EDA based on the moneys made available by the EDA for the purposes of the fund. In addition, the EDA may provide technical assistance grants to a small municipality to improve the economy, appearance, and image of its central business district.

AI Summary

Committee Categories

Nilsa Cruz-Perez (D)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 02/15/2024)

Official Document