The legislation – in the works for over a year – collapses the State’s four existing business incentive programs (BEIP, BRRAG, UTHTC and GrowNJ) into an overhauled GrowNJ program that incorporates the very best features of each program being phased out within the next 90 days. The bill also makes significant changes to the State’s primary developer incentive program, a tax increment finance program known as ERGG (Economic Redevelopment Growth Grant).
We have prepared a chart that summarizes the new GrowNJ business retention and attraction program. Click here to review the chart.
We will also be preparing a summary on the revised ERGG developer incentive program which will be available on our redevelopment law blog: www.redevelopnj.com/