The New Jersey Economic Development Authority (NJEDA) announced yesterday, Wednesday, February 17, 2021, that it has launched a website to provide information on the recently-signed Economic Recovery Act of 2020 and collect input from the public on the implementation of the package of tax incentive, financing, and grant programs that will be created under the Act.
Governor Phil Murphy signed the Economic Recovery Act into law on January 7, 2021 to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. Programs outlined in the law include tax credits to incentivize job creation, new construction and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry.
“The New Jersey Economic Recovery Act of 2020 signed by Governor Murphy is critical legislation that creates valuable new tools for driving long-term, equitable economic growth. As we develop these important new programs, we will to do so with a commitment to transparency, equity, and faithful stewardship of taxpayer dollars at the center of this effort,” said NJEDA Chief Executive Officer Tim Sullivan. “We welcome all New Jerseyans to be part of this process by submitting constructive input on how to ensure new programs created through the Economic Recovery Act are structured and administered in a manner that drives opportunities for all residents and communities.”
The portal will allow any member of the public to provide input on how the Authority will operationalize various aspects of the new programs, such program eligibility requirements, net benefit and cost benefit analyses, and community benefit agreements. The site will also allow members of the public to share their thoughts on how NJEDA can make the programs more transparent. This process precedes and is separate from the NJEDA’s formal procedure to adopt short-term rules, which will be effective immediately as authorized under the Economic Recovery Act, and the procedure for long-term rules which will provide another opportunity for comment on rules and regulations for each new program in accordance with the Administrative Procedures Act.
“I want to commend Governor Murphy and the legislature for their leadership in passing this very comprehensive bill which will positively impact New Jersey’s business attraction and retention,” said Greater Trenton CEO George Sowa in a recent TrentonDaily featuring the landmark legislation. “This bill incorporates smart growth principles and encourages growth with added incentives in areas that need the most assistance. It also provides incentives for companies of all sizes and industries to benefit.”
All comments submitted through this portal are subject to New Jersey’s Open Public Records Act. Visit www.njeda.com/economicrecoveryact for more information and to submit comments.