Jun 01 APPLICATIONS NOW OPEN FOR TAX CREDITS THROUGH NJ EMERGE PROGRAM
Applications are now open for NJ’s Emerge Program, created under the New Jersey Economic Recovery Act (ERA) of 2020 and administered by the New Jersey Economic Development Authority (NJEDA). The program is designed to be a jobs-based tax credit program for small businesses, large businesses and non-profits that will hopefully open the door to new economic development projects in the state. Tax credits would be made available to projects that invest private capital in the state and meet certain criteria, such as job creation and/or retention.
Here are some highlights of the program:
- Base tax credits would range from $500 to $4,000 per project, per year.
- Projects with significant numbers of retained jobs (at least 500 or 1,000 jobs, depending on the project’s location) can receive tax credits for retained jobs.
- Jobs that are covered by a labor harmony agreement are eligible for an additional $1,000 bonus over the capped amounts.
- A minimum capital investment in the qualified project is required, based on use.
- All projects that receive tax credits under the Emerge Program must meet minimum environmental standards, prevailing wage obligations for all construction workers and building service workers, and provide healthcare for employees.
For further information on the application, eligibility requirements, award sizes and more, please click here.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.