TRENTON, NJ—So far this year New Jersey's revamped tax incentive program has awarded 24 grants and approximately $355 million to projects statewide.
The number of grant awardees and the funding level of the program are up from last year. This year, the state has averaged approximately $89 million a month in grant awards, compared with about $36 million on average per month under the state's main incentive programs in the first nine months of 2013, according to The Record. The state has averaged six awards a month under the revamped programs this year, almost double the 2013 monthly average for the first nine months of 2013.
Among the changes signed into law six months ago by Gov. Chris Christie include making it easier for residential projects to qualify under the revised program.
Among some of the notable awards so far this year have included an $8-million grant for a 99-unit, $29-million residential project in Patterson; the relocation of a Long Island, NY-based bakery to a new $17-million plant in New Brunswick; and a $1.6-million grant for Sony Music Entertainment's shift of 50 jobs to a building in Rutherford. See story in The Record.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
