Senate Committee Approves $65M in Tax Breaks

TRENTON, NJ-The Senate Budget and Appropriations Committee yesterday approved a $65 million package of incentives for businesses that relocate within New Jersey. The package, added as a series of amendments to a pending budget bill, is squarely aimed at defending the Garden State against the business “poaching” tactics of other states, according to supporters of the legislation.

Approximately $20 million of that total would be set aside to provide business tax credits for companies relocating within the state. For companies with 500 employees or more, the credit would amount to $1,500 for each retained job. Companies moving at least 2,000 workers into one of the state’s urban enterprise zones would get an additional credit of $750 per job.