Bill > S250

Introduced Session

This bill allows a business located within a "small aviation district" to receive tax credits for job creation and retention activity under the Grow New Jersey Assistance Program, which is administered by the New Jersey Economic Development Authority ("authority"), if the business satisfies all other eligibility criteria. The bill defines "small aviation district" as the area within the boundaries of a general aviation airport that is located in a county of the sixth class and operated by an interstate authority. Only the area located within the boundaries of Cape May Airport currently meets this definition. The Grow New Jersey Assistance Program was established by P.L.2011, c.149 (C.34:1B-242 et seq.) as an economic development incentive program to be administered by the authority for the purpose of creating and retaining jobs through the awarding of tax credits. The program was substantively modified by "The New Jersey Economic Opportunity Act of 2013," P.L.2013, c.161, and under the reconfigured, program tax credits are to be awarded to businesses for eligible projects located in certain geographic areas of the State that meet two financial conditions. First, the financial assistance must be a material factor in a project's realization. Second, the project must yield fiscal benefits to the State over a period of up to 20 years (or up to 30 years in the case of a "mega project" or a project in one of five municipalities designated as a Garden State Growth Zone, or up to 35 years if a project is located in the city of Camden) that equal or exceed 110 percent of the tax credit amount (or 100 percent in the case of the city of Camden). The application deadline is June 30, 2019. As of November 24, 2017, the authority had approved $4.658 billion in Grow NJ tax credit awards.

AI Summary

Committee Categories

Robert Andrews (D)*,  Bob Andrzejczak (D)*,  John Armato (D)*,  Vin Gopal (D)*,  R. Bruce Land (D)*,  Jeff Van Drew (R)*, 

Conditional Veto, Received in the Senate (on 08/27/2018)