One: The tax incentives just got way better…
First, the sales pitch. Now every economic development organization will tell you that the region it represents has the best transport links, the most educated workforce and the most business-friendly environment, and New Jersey is no different.
Until relatively recently, however, it wasn’t really walking the talk when it came to tax incentives, admits Choose New Jersey’s marketing & communications manager Susan White.
But the revamped 'Grow New Jersey' assistance program has suddenly made the carrots it can offer to business looking to move to the region - or expand existing facilities there - significantly more enticing vs what’s on offer in New York, Pennsylvania and Connecticut, she says.
Grow New Jersey is part of the New Jersey Economic Opportunity Act of 2013, which dramatically reduced the threshold for the investment size a company needs to make in order to qualify for incentive assistance from 100 full-time to as low as 10 full-time jobs in targeted industries.
The incentives include 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, if the project meets certain requirements, such as location in an urban area or high employment levels. Projects can receive up to a maximum of $15,000 per job, per year, for up to 10 years.
Since the scheme came into force late last year, nine food-related projects have benefited to the tune of $144m (over 10 years), including Wenner Bread Products, a maker of breads and frozen dough for supermarket bakeries and restaurants, which is moving its Long Island facilities to New Jersey; LiDestri Foods; Liscio’s Italian Bakery; SodaStream USA; Conopco; Jimmy’s Cookies; Baked by Melissa; Metropolitan Foods; and Allied Specialty Foods.
Click HERE to read more about Choose New Jersey, which was founded in 2010, and is part of the New Jersey Partnership for Action (PFA), the state’s economic development organization.
