34:1B-256 Findings, declarations relative to tax credits for certain business headquarters.
1. The Legislature finds and declares that:
a. (1) the Grow New Jersey Assistance Program (Grow Program) is the State's premier job creation and retention business incentive program that offers eligible businesses creating or retaining jobs in New Jersey tax credits for making certain capital investments at certain locations in the State;
(2) according to the New Jersey Economic Development Authority (authority), the State agency that administers the Grow Program, as of the end of July 2017, the authority approved 229 projects, amounting to more than $4.4 billion in tax credits to be awarded after these businesses create or retain jobs and make capital investments;
(3) the authority reports that, collectively, these eligible businesses are to make a total capital investment of $3.85 billion, create 28,800 new full-time jobs, retain 30,420 jobs at risk of leaving the State, and create 15,730 estimated construction jobs, having an estimated net benefit to the State of $13.4 billion; and
(4) although the Grow Program is achieving its intended result of having businesses locate in the commercial areas of the State's cities and shuttered suburban office parks, thereby revitalizing these commercial areas, the State has opportunities from time to time to attract corporate headquarters that have the effect of transforming the economy of a region of the State.
b. Therefore, the Legislature determines that it is in the economic interest of the residents of this State that a new, enhanced business incentive program be created to supplement the Grow Program, where an eligible business creating at least 30,000 new, full-time, high-paying jobs and making a capital investment of at least $3 billion at a site in this State, be awarded an enhanced amount of tax credits by the authority for undertaking the construction of a corporate headquarters that has the effect of transforming the economy of a region of the State.
L.2017, c.282, s.1.