Last Thursday, April 1, 2021, the New Jersey Economic Development Authority (NJEDA) released a draft of the rules and targeted industry definitions under which the new Emerge Business Tax Incentive Program will be administered. Members of the public are encouraged to review the preliminary rules and industry definitions and provide feedback through one of three virtual Public Listening Sessions hosted by the Authority in April, or to submit written feedback through an online form available on the Economic Recovery Act website. The Emerge program is expected to begin accepting applications in late May.
Emerge is part of the suite of programs created under the Economic Recovery Act of 2020 to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. Emerge will drive job creation by making per-job tax credits available to projects that create good-paying jobs in the State’s priority sectors. To ensure a strong return on investment for taxpayers, projects that receive Emerge credits will need to demonstrate a net positive economic benefit of at least 400 percent in most cases.
“The New Jersey Economic Recovery Act of 2020 creates a suite of tools to create impactful, long-term, equitable economic growth. Incorporating public input is part of the robust engagement that will help ensure the Emerge program is created and implemented in a transparent manner that considers the needs of all stakeholders and communities and benefits all New Jerseyans,” said NJEDA Chief Executive Officer Tim Sullivan. “Everyone is encouraged to share their ideas and concerns on the rules that will govern programs administered under the Economic Recovery Act.”
Draft Emerge Program rules are available now for review in advance of the Public Listening Sessions. Please see https://www.njeda.com/njeda_economic-recovery-act_emege-program-draft-rules-and-industry-definitions_04-01-2020_public/.
Public Listening Sessions are scheduled for Thursday, April 8 at 5:00 p.m., Monday, April 12 at 3:00 p.m. and Wednesday, April 14 at 3:00 p.m. Sessions are expected to last approximately two hours and can be accessed at tinyurl.com/xyr2k65r with the passcode: Emerge.
Members of the public can submit written feedback on the Emerge Program through the webpage www.njeda.com/EconomicRecoveryAct from April 5 through April 16.
In addition to Emerge, the Economic Recovery Act creates a suite of programs that includes tax credits to incentivize job creation, new construction and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA plans to continue to engage the public as new programs as rules are developed. Members of the public are also encouraged to provide general written input on the new programs via the NJEDA’s online portal.
For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.com/economicrecoveryact/.
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