Coutinho had worked on the bill for more than a year, through many political twists and turns – and despite suffering a heart attack last spring while negotiations were still in the critical stages.

The bill streamlines five current incentive programs into two that are focused on supporting development that creates or retains jobs in the state. Tax credits ranging from $500 to $5,000 per job are tired to the number of jobs and the location.

Robert C. Kossar, who heads up Jones Lang LaSalle in New Jersey and Long Island, said passage of the new programs will spark a rush of applicants.

“This is extremely exciting for New Jersey,” Kossar said. “New York and Pennsylvania don't have a response that is remotely similar in terms of being comprehensive, streamlined and tax-credit based.”

Noting the state Economic Development Authority board's approval – also Thursday morning – of the offer of a $40 million tax credit to Destination Maternity if it moves its office and warehouse from Philadelphia to the Garden State, Kossar said “there is a long queue of project applicants behind it as soon as the governor signs the bill.”

Robert A. Klausner, a partner in the real estate group of Morristown's Fox Rothschild law firm, said New Jersey had a past deserved reputation as an “over-regulated” state. But he called the new program “an aggressive initiative by New Jersey to promote job creation and spur redevelopment in the State's urban centers, suburban office parks and even assist areas that have been impacted by Hurricane Sandy.”

There are perks for southern New Jersey built in – added in a late flurry of amendments by the Senate last summer before it adjourned for a break – which Gov. Christie let stand in the version he sent to the legislature this week.

Kossar said they will not change the pattern of development in New Jersey, however, but rather will support a part of the state that is less densely populated and needs economic stimulation.

Kossar also hailed a part of the bill that expands the potential incentives for “mega-projects,” which are more likely to be sited in urban centers.

“It has been an Achilles heel of previous incentive programs that there was a hard cap on the available bonus,” he said. “That doesn't take into account a company with 3,000 employees, let's say.

“When you move a company like that, you're moving a mountain,” he said. “This program gives us some tools to move some mountains to New Jersey.”