The bill amends existing legislation to lower the employment thresholds for businesses seeking financing and incentive programs from the New Jersey Economic Development Authority (NJEDA). Specifically, it reduces the required number of full-time manufacturing employees from 250 to 125, while maintaining the non-manufacturing requirement at 250 full-time employees. Additionally, the bill allows projects to be completed in phases, with specific employee thresholds for each phase. It also updates terminology by replacing "Commerce Commission" with "Economic Development Authority" and clarifies eligibility criteria for businesses, including those in urban enterprise zones, requiring them to have operated continuously in New Jersey for at least ten years.

Moreover, the bill introduces significant changes to the Grow New Jersey Assistance Program, adjusting the minimum number of new or retained full-time jobs required for eligibility based on the type of business. It establishes new criteria for tax credits, including increased annual credits for businesses creating between 126 to 200 new full-time manufacturing jobs, and modifies the eligibility for tax exemptions on energy and utility services by lowering the employment requirement within enterprise zones from 250 to 188 employees. The bill also mandates that the NJEDA process applications within 20 business days and share an annual list of approved businesses with relevant authorities, aiming to stimulate economic growth and job creation in targeted areas of New Jersey.

Statutes affected:
Introduced: 34:1B-186, 34:1B-187, 34:1B-188, 34:1B-243, 34:1B-244, 34:1B-246, 52:27H-87.1