NJ Business Owners on the lookout for State Tax Credits

Trenton is offering expanded tax credits to New Jersey businesses who are hiring or expanding. NJ.com reports that N.J. firms snap up revamped tax break "Lured by more money and looser requirements, New Jersey businesses are lining up take advantage of a revamped tax incentive program aimed at keeping jobs in the state."

The numbers are impressive.  The article reports that:

So far this year, 16 companies have received a total of $44.1 million in tax breaks for retaining 6,000 jobs, and several others have won preliminary approval by the state's Economic Development Authority.
During the same period last year, five companies received $1.4 million in tax breaks for keeping about 1,400 jobs in the state.

Two key areas of change:

* Tax credits issued for retaining employees, not just hiring new ones

* Commercial tenants (as opposed to land owners) having a sales tax exemption on all equipment purchases and property improvements financed through a lease arrangement with the landlord.

 

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