TRENTON-Governor Chris Christie’s signing this month of legislation creating the GrowNJ Assistance program will give suburban areas a shot at attracting new businesses by providing at least $200 million in tax credits to companies moving to or growing in areas in the state not eligible for the Urban Transit Hub Tax Credit (UTHTC) program, the administration says.

Eligible businesses will receive an annual tax credit of $5,000 - $8,000 for 10 years for each full-time job created or retained. A business would be eligible for a GrowNJ tax credit if it retains 100 full-time jobs or creates at least 100 full-time jobs in an EDA-designated desirable industry and in addition to job creation/retention also makes a capital investment of at least $20 million in a qualified incentive area. The program thus allows suburban areas to compete for new development, according to Christie.

“Through the creation of GrowNJ, we are ensuring that critical economic development projects are moving forward and that businesses are staying, growing and creating jobs for New Jerseyans,” Christie says in a statement. “Expanding the reach of these job-creating incentives will put people to work now in construction jobs and create long-term, permanent jobs for our families. This bipartisan bill puts into action an initiative of my Administration that recognizes and builds on the success of the Urban Transit Hub Tax Credit, while increasing the competitiveness of New Jersey as a business-friendly environment for job growth.”