New Jersey on Business Facilities Online

NEW JERSEY Fast Facts

• Population (2008): 8,682,661
• Largest Cities (2008): Newark, 278,980; Jersey City, 241,114; Paterson, 145,643; Elizabeth, 124,755;
   Trenton, 82,883
• Targeted Industries: Advanced Manufacturing, Financial Services, Retail, Healthcare and Bioscience
• Key Incentives: Business Employment Incentive Grant, Business Retention and Relocation Assistance,
   Urban Enterprise Zones
• GDP (All Industry 2008): $475 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

NEW JERSEY State Incentives

The Business Employment Incentive Grant is available to expanding or relocating businesses that create new jobs in New Jersey. Companies must create at least 10 new jobs if they are high-tech or biotech companies, and 25 new jobs if they are in other non-technology business categories. There is a maximum award of up to 50% of new state income taxes generated as a result of new employees hired. It also provides an opportunity for grant awards up to 80% to companies that promote certain "smart growth" strategies.

The Business Retention and Relocation Assistance Grant helps to preserve jobs in danger of being relocated out-of-state. There must be a minimum of 250 retained full-time jobs from one or more locations within the state to new location(s) within the state. Grants are up to $1,500 per job. A sales and use tax exemption is available for companies with 1,000 or more workers that relocate 500 or more to a new location, or life sciences and manufacturing companies that relocate at least 250 workers. It allows sales tax exemption for purchases of fixtures, furniture, building materials, and equipment needed for relocation within New Jersey.

The Urban Enterprise Zone (UEZ) Program offers tax credits and other incentives to companies that locate and hire within 32 designated urban centers within the state. The benefits of being located within a UEZ include sales tax exemptions on equipment and supplies, including building materials; corporate tax credits for hiring designated employee groups; and qualified retail businesses may charge 50% of the mandated 6% sales tax on "in-person" customer purchases. Manufacturing firms with over 500 employees (where over 50% of the employees work in a manufacturing process) may apply for an energy and utility service sales tax exemption.

The Technology Business Tax Certificate Transfer Program allows technology and biotechnology companies to raise cash by selling tax losses and R&D credits to other New Jersey businesses for at least 75% of their value. $40 million is available annually to expanding companies with 225 or fewer employers that have at least 75% of their workforce in New Jersey. Money raised may be used for working capital, to buy equipment or facilities, or for other business expenses.

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