Did you know you could get a grant to help bring New Jersey residents working in another state back to a New Jersey location?
It’s the idea behind the $35 million NJ RISE program by the New Jersey Economic Development Authority — which will host a virtual information webinar at 1 p.m. Thursday on Zoom (register here).
The New Jersey Reassigning In-State Employees, or NJ RISE, program hopes to help firms relocate their New Jersey-resident employees and help redirect tax revenue to New Jersey by ensuring that residents’ income taxes stay in state.
If you have employees who live in New Jersey and are currently assigned to work in a state that employs the “convenience of employer” income taxation rule, make sure you join this webinar to learn about the grant funding available to reassign New Jersey residents to work in New Jersey. The program’s eligibility, timeline and application process will be discussed, and there will be time for questions at the end of the session.
Gov. Phil Murphy praised the program when it was announced earlier this year.
“For far too long, other states have benefited off hardworking New Jerseyans, using their tax withholdings to fund budget priorities that grow other economies, and fund out-of-state priorities,” he said. “Through the NJ RISE program, we will be able to bring employee tax dollars back into our state, to support initiatives that make New Jersey the best place to live, work and raise a family.”
EDA CEO Tim Sullivan also sung the praises of the program.
“New Jersey residents deserve to have their income taxes support projects in their communities, as opposed to funding another state’s coffers,” he said. “Gov. Murphy has been committed to bringing more businesses to the Garden State, and the NJ RISE program will not only help incentivize companies to reassign their New Jersey employees back to their home state, but it will also increase economic activity and continue our efforts to grow a stronger and fairer economy.”
