CREATES GARDEN STATE GROWTH ZONE AT ATLANTIC CITY INTERNATIONAL AIRPORT AND SURROUNDING AREA
TRENTON – Legislation sponsored by Senator Nellie Pou and Senator Colin Bell expanding the successful Grow New Jersey Assistance Program cleared the Senate Economic Growth Committee today.
The bill, S-2872, would align the Grow NJ tax incentives in all Garden State Growth Zones to help attract more businesses. New Jersey’s GSGZ are Paterson, Passaic, Trenton, Atlantic City and Camden. The bill would build on the success of Camden’s comeback to provide better tools to other New Jersey cities in need of economic revitalization.
The bill would also create a new GSGZ located within the boundaries of the Atlantic City International Airport and the Federal Aviation Administration William J. Hughes Technical Center, and the area within a one-mile radius of the outermost boundary of that airport and technical center.
“This bill allows more companies in the state to utilize incentives to grow, creating jobs and strengthening local economies,” said Senator Pou. “Expanding this program will also help towns and cities attract new businesses which will help many of these areas, such as Paterson, to be able to compete economically with other areas of the state.”
“This was something Senator Whelan was very passionate about, and I am glad to help continue the work of improving Atlantic County by giving it the tools it needs to thrive,” said Senator Bell. “This area is rebuilding and providing these incentives will only help businesses, which will help our economy and contribute to the success of this area.”
Grow New Jersey is a tax incentive program for companies that create or retain jobs in New Jersey. Since the enactment of the N.J. Economic Opportunity Act of 2013, 233 active projects have been approved under the Grow NJ Program for a total award amount of more than $4.4 billion. According to the EDA, Grow NJ will support the creation of more than 29,400 estimated new jobs and the retention of more than 28,300 existing jobs at risk of leaving New Jersey.
The bill cleared committee 4-0 and will head to the Senate Budget and Appropriations Committee for further consideration.