ATLANTIC CITY, NJ-Business leaders are hopeful that changes to the state's economic inventive program will bring new investment and jobs to the Atlantic City area.
David Brogan, vice president of the New Jersey Business and Industry Association, says small start-ups are the most likely to relocate to or open in Atlantic County. Due to the changes to the state's incentive program that were included in the Economic Opportunity Act that was signed by Gov. Chris Christie in September, qualifying businesses now must create just 10 to 25 jobs or use the benefits to retain 25 to 35 positions, depending on the type of industry. The job-creation threshold is set 25% lower for South Jersey, including Atlantic, Cape May and Cumberland counties, according to the Press of Atlantic City.
“The new hire-and-retain employment thresholds are much more reasonable. That could be a catalyst for growth,” Brogan said. The new economic incentives law is expected to put the state on a par with other state economic development incentive programs.
“This is one of the most significant changes to New Jersey's economic-incentive programs that we've ever done. I think it's absolutely necessary if we want to compete for jobs,” Brogan said. See story in the Press of Atlantic City.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.