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Created under the Economic Opportunity Act of 2013, Grow New Jersey (Grow NJ) served as a job creation and retention incentive program to help strengthen New Jersey’s competitive edge against tax incentive programs in surrounding states.
Until the program’s sunset in June 2019, businesses creating or retaining jobs in New Jersey could apply for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year based on applicable criteria. Tax credits are paid annually over the term of the grant agreement, generally 10 years, at the rate of one-tenth of the total award per year.
As a performance-based program, companies do not receive Grow NJ tax credits until the NJEDA has certified that the project has been completed and it has met the commitments upon which its approval was based, including capital investment and job creation and retention. Each company must then certify annually that it has maintained its numbers for job creation and retention in order to receive that year’s credits.
Many companies approved for tax credits under Grow NJ currently have active agreements and are receiving tax credits annually based on each year’s certification.