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 certain Cape May County airports cleared the Senate Budget and Appropriations Committee today.
“We have an incredible opportunity to attract aviation and high-tech businesses to this region, which will create good-paying jobs for local residents. We already have important assets in place, including drone testing sites at a few county airports, and research and development taking place in the region,” said Senator Van Drew (Atlantic/Cape May/Cumberland). “Making the airports 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 in order to strengthen the economy.”
The bill, S-250, extends the state’s Grow New Jersey Assistance Program to businesses located at certain Cape May County airports. 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.
The bill also expands to include the Woodbine Municipal Airport as well. Just like the Cape May County Airport, the Woodbine Municipal Airport industrial park has also attracted startup drone technology companies that regularly use the airport to test fly their drones.
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.
The bill was released from committee by a vote of 13-0, and next heads to the Senate for consideration.