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Incentives in the New Economy

Kathy Mussio, Managing Partner, Atlas Insight, LLC (Nov 09)
What does the future of economic development incentives look like with so many states facing major budgetary challenges? More

New Jersey: Diverse Industries Welcomed As Recovery Progresses

Mali R. Schantz-Feld (Oct/Nov 09)
State officials are targeting multiple industries for development, with financial services always a key sector. More

Brownfield Sites Present New Opportunities

Dan Calabrese (Aug/Sep 09)
Many states are now quasi-privatizing the process to get old brownfields cleaned up and back on the tax rolls. More

Stimulating the Life Sciences Industry

Scot Butcher, Managing Director, Duff & Phelps LLC (Biotech Location Guide 2009)
New incentives in place at the federal as well as state and local levels will help to stimulate growth of life sciences companies and affect their location and investment decisions. More
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New Jersey  At A Glance
POPULATION: 8,682,661 (2008 estimate)

LABOR FORCE: 4,563,100 (July 2009 estimate)

RIGHT TO WORK: No

TRADITIONAL INDUSTRIES: Agriculture, manufacturing, distribution, services

EXPANDING INDUSTRIES: International trade, biotechnology, healthcare, telecommunications, research and development, business services, travel and tourism

COLLEGE GRADUATES: (Age 25 and over) 33.9% (Sept. 2009 estimate)

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 value

FINANCING PROGRAMS/BUSINESS INCENTIVES:
Bond financing
Loans and loan guarantees
    Small business programs:
  • • Main Street Business Assistance Program
  • • Invest NJ
  • • FastStart for Small Business
  • • New Jersey Business Growth Fund
  • • Statewide Loan Pool for Business Program
  • • EDA Loan Guarantee Program
  • • Work force training programs, grants
  • • Registered Apprenticeship Incentive Program
  • • New Jersey Manufacturing Extension Program
  • Business incentive programs:
  • • Business Employment Incentive Program (BEIP)
  • • Business Retention and Relocation Assistance Grant (BRRAG)
  • Miscellaneous business initiatives:
  • • Portfields Initiative
  • • Foreign-trade zones
  • Technology-specific programs:
  • • Edison Innovation R&D Fund Wraparound
  • • Edison Innovation Commercialization Fund
  • • Edison Innovation Growth Fund
  • • Technology Business Tax Certificate Transfer Program
  • • New Jersey Technology and Entrepreneur Fellowship Program
  • • Edison Innovation Clean Energy Fund
  • • Incubator Seed Fund Grant Program
  • • Edison Innovation Zones
  • • Edison Innovation Centers of Excellence Federal Matching Program
  • • University Intellectual Property Program
  • • Small Business Innovation Research Bridge Grant Program
  • • High-quality office and lab facilities
  • Clean energy programs:
  • • Clean Energy Solutions Capital Investment Loan/Grant Program
  • • Clean Energy Solutions Combined Heat and Power (CHP) Program
  • • Clean Energy Manufacturing Fund
  • Urban/redevelopment/environmental programs:
  • • Urban Plus Program
  • • Fund for Community Economic Development
  • • Local Development Financing Fund
  • • Smart Growth Predevelopment Fund
  • • New Markets Tax Credits Program
  • • Brownfields Redevelopment Loan Program
  • • Hazardous Discharge Site Remediation Loan and Grant Program
  • • Brownfields and Contaminated Site Remediation Program
  • • Urban Transit Hub Tax Credit Program
  • • Economic Redevelopment and Growth Grant
  • • Urban Enterprise Zone Program
New Jersey Chart
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