"New Jersey's ports have the potential to be among our biggest drivers of job creation and economic development," says Coutinho (D-Essex) in the press release. "We must take advantage of this as much as possible for the benefit of working class New Jerseyans the businesses that employ them. Improving our economic climate is a shared goal and this is a key part of that effort."

The bill also allows other types of businesses to be eligible under the program, including business trusts, sole proprietorships or any other legal entity organized under the laws of New Jersey or of any other state or foreign jurisdiction. Current law allows eligible businesses under the program to be organized as corporations, partnerships, S corporations, or limited liability corporations.

"Job creation and keeping New Jersey competitive must remain our top priority," said Wagner (D-Bergen) in the announcement. "A bill like this is a vital piece of that effort to create jobs and economic development to help our communities and residents thrive. Smart incentives like this can go a long way toward creating a better New Jersey."

NAIOP NJ’s McGuinness said he was “reserving judgment on the bill” because it could be amended as it goes through the legislative process. And other areas also need development, observes.

“We often want to get distribution centers to South Jersey, or to smaller districts such as Metropark or Haddonfield,” he says. And there’s no certainty the bill will pass. “Given our budgetary issues, what are the odds of it passing?” McGuinness says. “I don’t know. But maybe this is doable.”