This bill amends existing laws related to economic development incentives for businesses in New Jersey, particularly those involved in programs like the Business Employment Incentive Program and the Grow New Jersey Assistance Program. It allows businesses to waive the requirement that full-time employees spend at least 60% of their time at the qualified business facility, reducing this requirement to 10% from July 1, 2022, to March 31, 2024, and then to 40% from April 1, 2024, onwards. Additionally, businesses must contribute 20% of their tax credits to the municipal affordable housing trust fund. The bill also extends the deadline for businesses to request termination of awards due to the COVID-19 public health emergency to December 31, 2024.

Furthermore, the bill introduces provisions for tax certificate holders, allowing them to carry forward tax credits for up to 20 successive tax periods and to transfer these credits under certain conditions. It establishes new eligibility criteria for tax credits, including requirements for full-time employment and capital investment thresholds, while ensuring compliance through penalties for false certifications. The authority will have discretion over the specifics of the carry-forward periods and transfer processes, aiming to provide businesses with flexibility and support while maintaining a focus on job retention and community investment.

Statutes affected:
Introduced: 34:1B-120, 34:1B-129, 34:1B-209, 34:1B-247