Bill > A4046

This bill extends certain accommodations for businesses participating in State economic development programs. Key provisions include: - Allowing businesses that have entered into incentive agreements to temporarily waive the requirement that full-time employees spend at least 60% of their time at the qualified business facility, as long as certain criteria are met. This waiver applies during the period from July 1, 2022 to March 31, 2024. - Allowing businesses located outside of "enhanced areas" or "government-restricted municipalities" to permanently waive the 60% time requirement at the qualified business facility, as long as certain criteria are met. - Requiring businesses that take advantage of these waivers to make payments to the economic development authority, which the authority will use to support small business and downtown or commercial corridor activation activities. - Allowing businesses to request to reduce the number of Statewide employees specified in their incentive agreements due to the COVID-19 pandemic. The bill aims to provide flexibility and support for businesses participating in State economic development programs during the COVID-19 recovery period.

Budget and Finance, Business and Industry, Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A4046