Wednesday, May 12, 2021

New Jersey Business.NJ.Gov Update - May 12 2021

New Jersey Statehouse Trenton NJ
New Jersey Statehouse
Trenton New Jersey

Receive Tax Credits for Development Projects

Tax credit

The Residential Economic Redevelopment and Growth (ERG) Program provides tax credits for developers and businesses to address financing gaps in development projects. Projects can receive tax credits of up to 30% of total eligible project costs or up to 40% in targeted cities. Applications for the Residential ERG Program open June 1st, 2021.

ERG Program Details


Apply to the New Jersey Future of Work Accelerator 

Work accelerator

Businesses, nonprofits, or individuals with an idea, solution, or initiative that improves job quality and economic security for New Jerseyans are invited to apply to the New Jersey Future of Work Accelerator. Through the free Accelerator, accepted participants will receive connections to funders, custom coaching, and opportunities to pilot or scale worker-centric programs in New Jersey. Applications are now open. 

Apply Now


Receive Tax Credits for Providing Paid Leave During Vaccinations

Paid leave for vaccinations

Businesses and tax-exempt organizations with fewer than 500 employees can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine.

Learn More


Fees Will Be Waived for Small, Minority, Woman, or Veteran-Owned Business Enterprises (SMWVBE)

Free certification

Effective June 1st, 2021, certification fees will be waived for SMWVBEs. Learn more about certification benefits for Minority/Women-owned Business Enterprises, Emerging Small Business Enterprises, and Veteran Owned Businesses. New Jersey business owners may apply for certification in as many categories as they are eligible. 

Apply Online


Sell Your Net Operating Loss and R&D Tax Credits for Cash

Cash

The Net Operating Loss (NOL) Program enables early-stage technology and life sciences companies to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. Capital raised through this program can be used for costs including, but not limited to: fixed asset purchases; construction, acquisition, and development of real estate; materials; tenant fit-out; working capital; salaries; and, R&D expenditures. The New Jersey Economic Development Authority is accepting applications online through June 30th, 2021.

Apply Today


Emerge Rules Approved

Priority sectors

Emerge is a new tax incentive program that will drive job creation by making per-job tax credits available to projects that create good-paying jobs with a focus on the State's priority sectors such as technology and life science. The NJEDA Board recently approved rules for Emerge eligibility and awards that will go into effect soon. Applications will open soon after the rules go into effect.

Read the Rules


Learn About State Resources for Your Business

Growth

Learn about tips, processes, and resources to help your business recover and grow by participating in the Business Action Center's free 6-week webinar. This series features guest speakers from various State agencies and other organizations, including the New Jersey Economic Development Authority, the Small Business Administration, and others. The last session is on May 13th, 2021, at 12:00 p.m.

View the Series


Business Question? Speak to an Expert!

Visit Business.NJ.gov and chat with a live business expert, Monday - Friday, 8 a.m. to 5 p.m.

For more business updates and live support

Visit Business.NJ.Gov


This Newsletter is Brought To You By:

Office of the Governor, State of New Jersey  New Jersey Business Action Center  New Jersey Economic Development Authority  New Jersey State Office of Innovation




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