NJEDA Extends Reporting Deadlines for HUB, Grow, and ERG in Response to COVID-19
TRENTON, N.J. (April 13, 2020) – In response to the COVID-19 outbreak in New Jersey, the New Jersey Economic Development Authority (NJEDA) has extended the annual reporting deadlines for businesses that received tax credits through the Grow New Jersey (Grow NJ), Economic Redevelopment and Growth (ERG), and Urban Transit Hub (HUB) programs. Under the extension, annual reports will be due 90 days after the NJEDA notifies businesses the restrictions imposed by Governor Phil Murphy’s Executive Order 107 (EO 107) are no longer in effect.
On March 21, 2020, Governor Murphy issued EO 107, generally announcing a statewide stay at home order and closure of all non-essential retail business, requiring all employers to offer work-form-home wherever practicable, and directing all residents to abide by social distancing practices. The Governor has since announced subsequent containment measures.
Under existing rules for the Grow NJ and HUB programs, award recipients must submit an annual report 120 days after the end of the relevant tax period. Failure to timely submit this report results in forfeiture of the tax credit for that tax period. Similarly, residential and mixed-use parking ERG approval letters require an annual report for a developer’s tax period within 120 days after the end of the tax period. Failure to timely submit this report results in the forfeiture of the tax credits for that tax period.
Due to the extenuating circumstances arising from the restrictions EO 107 places on businesses, the NJEDA shall extend the 120-day reporting requirement for 2019 annual reports due during the time period in which the EO 107 restrictions are in place to 90 days after the NJEDA notifies businesses such restrictions are no longer in effect.
Comprehensive information about New Jersey’s response to the COVID-19 outbreak is available at https://covid19.nj.gov/. The NJEDA encourages award recipients with specific questions to reach out to their assigned Incentives Officer.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.