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NJEDA?s Business Incentive Program |
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Did you say cash grants? Yes. The New Jersey Economic Development Authority (NJEDA) has the Business Employment Incentive Program that actually gives cash to businesses based on the number of new jobs they have created in the State of New Jersey. Companies in New Jersey and those moving to New Jersey are eligible.
The key factor for receiving these grants is the business proving that the BEIP grant is the “material” factor in creating job expansion or relocating the business to New Jersey, the business is financially viable and it will create the minimum number of jobs required in the Program. The grant is basically a cash back of the state income taxes paid by the new New Jersey employees in each calendar year, ranging from 10% to 80% of the total state taxes paid. It may be ongoing for up to 10 years.
Since the Program was started in 1996 over 53,000 jobs have been created through 223 grants on an investment of $669 million. Recently, the legislature lowered the job threshold to a minimum of 25 new jobs, except for tech/bio-tech that has a 10 employee minimum.
For more information including a listing of the grants given,?.
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