POPULATION: 8,792,000 (2010 Census)
LABOR FORCE: 4,598,000
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Agriculture, life sciences, manufacturing, distribution, services, financial activities
EXPANDING INDUSTRIES: International trade, biotechnology, healthcare, research and development, business services, travel and tourism, food production
COLLEGE GRADUATES: (Age 25 and over) 34.6% (2010 Census)
BASIC BUSINESS TAXES:
Corporate Income Tax: 9 percent of net income with adjustments; 7.5 percent for small businesses. Single Sales Factor allocation formula takes effect January 1, 2014.
Sales and Use Tax: 7 percent of taxable sales and uses, including manufacturing utilities/fuel, office equipment, leases of tangible personal property. Sales tax exemptions for raw materials, manufacturing machinery, custom software, professional services, gasoline.
Property Tax: Real property subject to taxation unless specifically exempt; taxes administered by local taxing districts; tax based on percentage of assessed value. No personal property tax (on inventories, equipment, etc.)
FINANCING PROGRAMS/BUSINESS INCENTIVES:
Bond financing
Direct loans and loan guarantees/participations
Small business programs:
• Premier Lender Program
• Small Business Fund
• New Jersey Business Growth Fund
• Workforce training programs, grants
• Registered Apprenticeship Incentive Program
• New Jersey Manufacturing Extension Program
Business incentive programs:
• Grow NJ Assistance Program
• Sales and Use Tax Exemption (STX) Program
Miscellaneous business initiatives:
• Portfields Initiative
• International trade assistance
• Site selection services
• Permitting assistance
Technology-specific programs:
• Angel Investor Tax Credit Program
• Edison Innovation Angel Growth Fund
• Edison Innovation VC Growth Fund
• Edison Innovation Growth Stars Fund
• Edison Innovation Green Growth Fund
• Technology Business Tax Certificate Transfer (NOL) Program
• Venture Fund Investments
• High-quality office and lab facilities
Clean energy programs:
• Edison Innovation Clean Energy Manufacturing Fund
• Direct Install
• Local Government Energy Audit
• New Jersey SmartStart Buildings® Program
• Pay for Performance
• Solar Renewable Energy Certificate Registration Program
• Edison Innovation Green Growth Fund
Urban/redevelopment/ environmental programs:
• Fund for Community Economic Development
• Local Development Financing Fund
• Hazardous Discharge Site Remediation Loan and Grant Program
• Brownfields and Contaminated Site Remediation Program
• Economic Redevelopment and Growth Program
• Urban Enterprise Zone Program
