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Grow NJ Continues to Grow

The GrowNJ Assistance program should fuel commercial office development in the New Jersey suburbs.

By Debra Hazel | Updated on January 11, 2012

Suburban office projects in New Jersey don’t have to feel slighted in favor of their city brethren/competition any longer, at least in terms of state incentives:  Governor Chris Christie has signed a bill creating the GrowNJ Assistance program. It will provide at least $200 million in incentives to companies looking to move or stay in the state, but which aren’t geographically eligible for the state’s existing Urban Transit Tax Credit program.

Eligible businesses will receive an annual tax credit of $5,000 to $8,000 for the next ten years for each job created or retained. Sponsors of the bill included Senators Joseph Kyrillos (R-Middlesex, Monmouth) and Raymond Lesniak (D-Union); and Assemblymembers Anthony Bucco (R-Morris), Gary Chiusano (R-Sussex, Hunterdon, Morris), Herb Conaway (D-Burlington, Camden), Albert Coutinho (D-Essex, Union), and Ruben Ramos (D-Hudson).

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