The Main Street Economic Growth Act establishes a program aimed at fostering business development in small municipalities in New Jersey, specifically those with populations under 11,000 that either serve as county seats, contain opportunity zones, or are over 70% developed. The New Jersey Economic Development Authority (EDA) is tasked with creating the Main Street Economic Growth Program, which will provide financial and technical assistance, including loans, loan guarantees, and tax credits, to businesses operating in designated Main Street areas. The program is designed to address the economic challenges faced by these municipalities and to stimulate local economies by encouraging job creation and business growth.

The bill outlines the criteria for businesses to qualify for assistance, including a tax credit equal to 15% of employee compensation expenses for those meeting specific employment criteria. Additionally, the EDA is required to establish the Main Street Economic Growth Assistance Fund to support the program financially. The EDA will also be responsible for reporting annually on the program's effectiveness, detailing participation rates, financial assistance provided, and job creation metrics. The act is set to take effect immediately but will remain inoperative for 60 days post-enactment, with certain provisions applying to tax periods beginning after January 1 of the following year.