The New Jersey Economic Development Authority, which released a draft of the rules and targeted industry definitions for the new EMERGE business tax incentive program last week, will host three public listening sessions on the program, beginning Thursday.
Read the draft of the rules here — but, please note, it’s a 62-page document.
EMERGE, which is one of the key elements of the Economic Recovery Act of 2020 signed earlier this year, is often characterized as an updated version of the Grow New Jersey program.
The EDA said the listening sessions will discuss implementation of the program, provide a short overview of the draft rules and allow for public input. They will be held:
- At 5 p.m. Thursday;
- At 3 p.m. April 12;
- At 3 p.m. April 14.
Sessions are expected to last approximately two hours and can be accessed at tinyurl.com/xyr2k65r with the passcode: Emerge.
EMERGE is intended to 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% in most cases.
Here’s a breakdown of the main elements of the state’s new incentive programs.
Tim Sullivan, the CEO of the EDA, said public input is welcomed and encouraged.
“Everyone is encouraged to share their ideas and concerns on the rules that will govern programs administered under the Economic Recovery Act,” he said.
Members of the public also can submit written feedback on EMERGE, starting Monday through April 16.