New Jersey Gov. Phil Murphy at Rowan University event on Monday.
GLASSBORO, NJ—At an event at Rowan University here, New Jersey Gov. Phil Murphy said he wants to expand the state's film tax credit and explore ratcheting up funding to spark transit-oriented development in the state.
The governor, during an armchair discussion with New Jersey Chamber of Commerce Board of Directors Chairwoman Linda Bowden at the university on Monday, marked the one-year anniversary of the release of his economic plan for the state.
"In the year since I announced my economic vision for New Jersey, we have made substantial progress in making our state both stronger and fairer for everyone," Gov. Murphy said. "Although we have made progress, we still have more work to do. We are hard at work attracting businesses to our state, beyond a narrow focus on excessive corporate tax incentives. We must continue to find ways to realize New Jersey's potential as a hub for business activity, as well as a fantastic place to raise a family."
During the program, Gov. Murphy announced what he termed will be an Administration-wide effort to explore developing under-utilized properties that can bolster transit-oriented development and optimize the value of assets across the state. The Administration is exploring ways to work with municipalities and business leaders to finance the redevelopment of mass transit stations and their surrounding areas in order to add substantial revenue to local coffers for critical capital improvements to transit stations, as well as pedestrian accessibility in and around these hubs of economic activity.
Another notable initiative to be undertaken by the governor is an expansion of the Film Tax Credit. Based on interest since the Film and Digital Media Tax Credit was enacted last year, the Administration will seek to expand not just the amount of money available, but also extend the life of the program, the governor stated.
Gov. Murphy also said his administration would create a "Business First Stop" web portal that will allow anyone interested in starting or expanding their business in New Jersey to get the answers they need. First Stop was created based on direct feedback from the business community. The beta site can be viewed at Business.NJ.gov, and the Administration is taking real-time user data and feedback to improve the site on a rolling basis, he said. The Administration will also launch a Spanish language version in the next few months to reach the broadest group of entrepreneurs possible.
Murphy also announced that the state will award a $3-million contract for a new business marketing campaign. The campaign will create extraordinary opportunities to pitch New Jersey as a location ripe for families to set down roots, visit, and start a business.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
