2013 New Jersey Revised Statutes
Title 34 - LABOR AND WORKMEN'S COMPENSATION
Section 34:1B-129 - Employment incentive grant criteria.
34:1B-129 Employment incentive grant criteria.
6. a. The amount of the employment incentive awarded as a grant in each case shall be not less than 10% and not more than 50% of the withholdings of the business, or not less than 10% and not more than 30% of the estimated tax of partners of an eligible partnership whether paid directly by the partner or by the eligible partnership on behalf of such partner's account, or any combination thereof, and shall be subject to the provisions of sections 10 and 11 of this act. In no case shall the aggregate amount of the employment incentive grant awarded pursuant to a business employment incentive agreement entered into on or after July 1, 2003 exceed an average of $50,000 for all new employees over the term of the grant. The employment incentive shall be based on criteria developed by the authority after considering the following:
(1)The number of eligible positions to be created;
(2)The expected duration of those positions;
(3)The type of contribution the business can make to the long-term growth of the State's economy;
(4)The amount of other financial assistance the business will receive from the State for the project;
(5)The total dollar investment the business is making in the project;
(6)Whether the business is a designated industry;
(7)Impact of the business on State tax revenues; and
(8)Such other related factors determined by the authority.
b.A business may be eligible to be awarded a grant of up to 80% of the withholdings of the business or up to 50% of the estimated tax of the partners of an eligible partnership if the grant promotes smart growth and the goals, strategies and policies of the State Development and Redevelopment Plan established pursuant to section 5 of P.L.1985, c.398 (C.52:18A-200) as determined by and based upon criteria promulgated by the authority following consultation with the Department of Community Affairs, Office of Smart Growth.
c.The term of the grant shall not exceed 10 years.
d.At the discretion of the authority, the grant may apply to new employees or partners in eligible positions created during the base years, and during the remainder of the term of the grant.
L.1996,c.26,s.6; amended 1998, c.33, s.2; 2003, c.166, s.4.
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