Today, Governor Chris Christie acted to advance Assembly Bill No. 3680, bipartisan legislation that will incentivize job growth and boost New Jersey's private sector economy. The bill would consolidate and expand the Grow New Jersey ("GrowNJ") and Economic Redevelopment and Growth ("ERG") tax incentive programs, while phasing out the Business Retention and Relocation Assistance Grant, the Business Employment Incentive, and the Urban Transit Hub Tax Credit programs.
The Governor conditionally approved the bill with minor modifications to the level of incentives for certain projects, and different requirements for businesses and developers seeking to invest in New Jersey's economy through these incentive programs.
"This bipartisan approach will help keep New Jersey's economy growing and on the right track, and Icommend lawmakers on both sides for all their hard work," said Governor Christie. "By modernizing and improving our already successful economic development programs, we are sending a powerful message to private sector employers that New Jersey is open for business. With my minor yet important improvements incorporated, I look forward to swiftly signing this bill into law, and helping boost our economy for everyone."