Bill > S3303

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 waive the requirement that full-time employees spend at least 60% of their time at the qualified business facility, subject to certain criteria, such as making payments to support small business and downtown/commercial corridor activation activities. This accommodation is available for the period from July 1, 2022 to March 31, 2024, and then for businesses located outside enhanced areas or government-restricted municipalities for subsequent tax periods. - Modifying the carry-forward and transfer provisions for tax credits awarded under these programs, allowing the credits to be used in the tax period they were issued or in subsequent periods during the commitment duration, rather than being limited to a 20-year carry-forward. - Allowing businesses that have modified their obligations under prior COVID-19 related legislation to further reduce the number of Statewide employees specified in their incentive agreements. The bill is intended to provide continued flexibility and accommodations for businesses participating in State economic development initiatives during the ongoing recovery from the COVID-19 pandemic.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S3303