NEWS ITEMS
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NEWS ITEMS
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New Jersey
Resources Page
Military Bases As Economic Development MagnetsMany of the military bases that have survived the Base Realignment and Closure (BRAC) have become hotbeds of development. More |
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States Fund Renewable Energy ProjectsSixteen states have taken the lead in funding for renewable energy projects through tax and production incentives, rebates, grants, and loans. More |
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The Attraction of Enterprise Zones: Tax Benefits and Incentives for BusinessesLocating a business in a designated enterprise zone can often provide incentives unavailable in other areas. But the incentives offered are beginning to change — and there may be tradeoffs that could devalue the financial advantages More |
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New Jersey Encourages Urban Investment in Financial Services, Biotech, and LogisticsDevelopment near public transportation hubs is priority for state economic development officials. More |
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New Jersey
At A Glance
POPULATION:
8,685,920 (2007 estimated)
Corporate Income Tax: 9 percent of net income with adjustments; 7.5 percent for small businesses
LABOR FORCE: 4,552,265 (June 2008 estimated)
RIGHT TO WORK: NoTRADITIONAL INDUSTRIES: Agriculture, manufacturing, distribution, services
EXPANDING INDUSTRIES: International trade, biotechnology, healthcare, telecommunications, research and development, business services, travel and tourismCOLLEGE GRADUATES: (Age 25 and over) 36.7%
BASIC BUSINESS TAXES:Corporate Income Tax: 9 percent of net income with adjustments; 7.5 percent for small businesses
Sales and Use Tax: 7 percent of taxable sales and uses, rentals, occupancies, and admissions
Property Tax: Real property subject to taxation unless specifically exempt; taxes administered by local taxing districts; tax based on percentage of assessed valueBUSINESS INCENTIVES:
- New Jersey Economic Development Authority:
- Business Employment Incentive Program (BEIP)
- Business Retention and Relocation Assistance Grant (BRRAG)
- Corporate Tax Credits
- Edison Innovation Fund
- (technology and life sciences
- initiative)
- Direct loans/loan guarantees
- Statewide loan pool
- Tax-exempt private activity bonds
- Taxable bonds
- International trade and protocol
- Business services (small business, call management center)
- Urban Transit Hub Tax Credit
- Brownfields redevelopment
- assistance
- New Jersey Department of Labor & Work Force Development
- Workforce Development Program/Customized Training
- Labor Market and Demographics
- N.J. State Data Center
- Labor Market and Demographics
- N.J. State Data Center
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