Bill > A2442

This bill increases the maximum total amount of tax credits available under two New Jersey economic development programs: the "Urban Transit Hub Tax Credit Act," from $1.5 billion to $2.5 billion, and the "Grow New Jersey Assistance Act," from $200 million to $400 million. The Urban Transit Hub Tax Credit Act provides tax credits to businesses that make significant capital investments and create jobs in qualified business facilities located in eligible municipalities, particularly those near transit hubs, to encourage economic development and job growth in urban areas. The Grow New Jersey Assistance Act offers tax credits to businesses that make substantial capital investments and create jobs throughout the state, aiming to incentivize businesses to expand or relocate within New Jersey. By increasing the funding caps for these programs, the bill aims to make more tax credits available to businesses, thereby encouraging further investment and job creation within the state.