2013 New Jersey Revised Statutes
Title 34 - LABOR AND WORKMEN'S COMPENSATION
Section 34:1B-114 - Business Retention and Relocation Assistance Grant Program.


NJ Rev Stat § 34:1B-114 (2013) What's This?

34:1B-114 Business Retention and Relocation Assistance Grant Program.

3.The Business Retention and Relocation Assistance Grant Program is hereby established as a program under the jurisdiction of the New Jersey Economic Development Authority and shall be administered by the authority. The purpose of the program is to encourage economic development and job creation and to preserve jobs that currently exist in New Jersey but which are in danger of being relocated to premises outside of the State. To implement that purpose, and to the extent that funding for the program is available, the program may provide grants of tax credits. To be eligible for any grant of tax credits pursuant to P.L.1996, c.25 (C.34:1B-112 et seq.), a business shall demonstrate to the authority, at the time of application, that the grant of tax credits and resultant retention of full-time jobs and any capital investment will yield a net positive benefit to the State. The net benefit resulting from the retention of full-time jobs and any capital investment by a business that has had grant pre-application meetings with the authority and has executed contracts relating to the new business location during the period commencing May 1, 2010 until the enactment of P.L.2010, c.123, shall be calculated from the date of the initial grant pre-application meeting.

L.1996, c.25, s.3; amended 2004, c.65, s.3; 2007, c.253, s.15; 2010, c.123, s.2.


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