Bill Extends State Tax Incentive Program to Businesses at Cape May County Airport
TRENTON – Legislation sponsored by Senator Jeff Van Drew to boost the economic development potential of the Cape May County Airport was approved today by the Senate Economic Growth Committee.
The bill (S-250) extends the state’s Grow New Jersey Assistance Program to businesses located at the Cape May County Airport. The bill would allow eligible businesses located at the Cape May County Airport to receive a base tax credit of $5,000 a year for each job created or retained by the business.
The legislation developed from hearings Senator Van Drew convened as chair of the First Legislative District Economic Development Task Force.
“Expanding businesses and attracting new companies is critical to the economic growth of the region. We already have important assets in place, including a drone test site at the Cape May County Airport, and research and development taking place in the region,” said Senator Van Drew (D-Cape May, Atlantic and Cumberland). “Making businesses at the airport eligible for Grow New Jersey benefits will allow us to leverage the state’s successful tax incentive program to draw additional businesses to the area and to strengthen the economy.”
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 airport to apply for Grow NJ tax credits, the bill would foster 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.
The bill was approved by a vote of 5-0. It next goes to the Senate Budget and Appropriations Committee.