News From the SALT Minds – Nov 3, 2014

State and Local Tax (SALT) | Chris Vignone | Nov 04, 2014

Summary.  “Economic Opportunity Act Of 2014” has been approved by the New Jersey Legislature and it includes new incentives requested by Governor Christie.

Overview.  In addition to expending the Garden State Growth Zones by adding Atlantic City (which now qualifies the area for maximum Economic Redevelopment and Growth grants), the 2014 EOA makes several revisions to the existing GROW NJ tax credit program.

Details

Grow NJ Program Summary. The Grow New Jersey assistance program is New Jersey’s main job creation incentive program, providing numerous tax incentives in designated jurisdictions.   Eligibility is based on a location in a qualified area, meeting employment and capital investment requirements, demonstrating that Grow NJ award is a material factor in the entity’s strategy, and demonstrating that the benefit of investments and increase in employment is more than 110% of the requested tax credit.

Grow NJ Program 2014 Updates. The legislation introduces “mega project” status, which qualifies capital investment projects of at least $20 million in a qualified area for larger tax credits.  In addition, the EOA 2014 reduced the minimum capital investment requirement for the rehabilitation and improvement of warehousing, logistics, and research and development premises for the continued use of the premises from $40 to $20 per square foot, and for new construction from $120 to $60 per square foot.

NJ ERG Program Updates. The Economic Redevelopment and Growth Program is designed for eligible commercial and residential developers investing in a qualified incentive area and demonstrating a project financing gap. The application deadline is extended through July 1, 2016.

Tax Credit Program for Redevelopers Donating Public Infrastructure. A new Corporate Tax Credit allowing a credit equal to the amount of the donation to redevelopers that donate to a governmental entity either public infrastructure with a minimum fair market value of $5 million, or open space without improvements with a minimum fair market value of $1 million. The maximum credit request is $5 million per taxpayer, and the program’s budget is limited at a total of $25 million throughout its five-year lifespan.

Prager’s Take. Following Governor Christie’s request, the new revisions to the New Jersey Economic Opportunity Act create new tax credit opportunities for business investment in New Jersey.  For further information on program details and eligibility, please contact Chris Vignone or Avrohom Singer.

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