TRENTON – Legislation sponsored by Senator Jeff Van Drew that would boost the economic development potential of certain Cape May County airport was conditionally vetoed by Governor Phil Murphy today.
“I am profoundly disappointed that this bill was not signed into law. South Jersey is hurting, and needs this type of economic growth. We were finally able to find an industry that had the potential to grow in our state, we need these things,” said Senator Van Drew (D-Atlantic/Cape May/Cumberland). “This was very personal for our area, and would have had a substantial positive impact. South Jersey needs to diversify its economy. We cannot depend solely on tourism and casinos alone. This is a missed opportunity that would have helped South Jersey.”
The bill, S-250, extends the state’s Grow New Jersey Assistance Program to businesses located at certain Cape May County airport. The bill would allow eligible businesses located at the airports to receive a base tax credit of $5,000 a year for each job created or retained by the business.
The Cape May County Airport owns an industrial park that has attracted new tenants, including a commercial and video production company and a technical start-up incubator for drone technology companies. The Cape May Brewing Company is also located at the industrial complex.
By allowing businesses located at the airports to apply for Grow NJ tax credits, the bill would generate economic growth in the county and help foster regional synergies on drone technologies with Federal Aviation Administration’s William J. Hughes Technical Center in Egg Harbor Township.