Insiders see growing (but measured) demand for new, more targeted state incentive program

With the recent approval of the first awards under Emerge, the state’s new jobs-based tax incentive program, officials and other insiders expect to see a measured pace of applications for a subsidy that was designed to be more discerning and targeted than its predecessor.

Starting anew

The debate over New Jersey’s corporate incentive programs has been well-chronicled in recent years, but regardless of where you fall on the issue, there’s no denying their influence on the state’s commercial real estate market. That influence was all but gone for two years after Grow New Jersey and other subsidy programs were allowed to expire in summer 2019, with no immediate replacements in sight until Gov. Phil Murphy and lawmakers agreed on new incentives late last year. The state is now putting those offerings to work, starting with the jobs-based Emerge program that will fill the void left by Grow New Jersey.

EDA: Applications open for Emerge program, successor to key jobs-based tax incentive

The state Economic Development Authority is now accepting applications for the jobs-based tax incentive known as Emerge, the long-awaited successor to the Grow New Jersey program.

EDA to start accepting applications for new jobs-based incentives program

The state Economic Development Authority is set to begin accepting applications for a long-awaited new incentive program, following the adoption of short-term rules for the subsidies.

Lawmakers pass $14 billion incentives bill, with Murphy expected to sign

A bill to create a sweeping new program of business and development incentives in New Jersey is awaiting Gov. Phil Murphy’s signature after being passed by state lawmakers on Monday.

Gridlock in Trenton: Not what investors want

Messaging from Trenton over the last several months, “airing dirty laundry” and delayed payments and responses to companies involved in the state’s incentive programs are scaring away legitimate businesses from setting roots in New Jersey. Businesses need certainty and clarity. Why don’t we pivot the conversation to one about how to make robust investments in our people and infrastructure without any further distractions and political roadblocks?

As expected, Murphy vetoes bill to extend tax incentives

Gov. Phil Murphy has officially rejected a bill that sought to extend the state’s tax credit incentives, which lawmakers hoped would have provided time to find a long-term solution for the controversial programs before they expired earlier this summer.

Flight to quality continues in N.J. office market, with looming uncertainty about incentives

Office tenants in New Jersey are still flocking to new or upgraded buildings, but the ability for landlords to deliver Class A space could be slowed by the loss of state business incentives.

Biotech firm seals 90,000 sq. ft. lease at vacant pharma campus in Plainsboro

A biotechnology firm is set to become the first new tenant at the former Bristol-Myers Squibb campus in Plainsboro, where it will lease more than 90,000 square feet for its new U.S. headquarters and research lab.

Pharma firms, delivery startup among latest targets in EDA tax credit review

The state Economic Development Authority is seeking information from another three companies that were awarded tax credits under its embattled incentive programs, amid ongoing scrutiny of the volume of awards and job pledged by the recipients.