Corporate Real Estate Law

NJ to Enact Program Incentivizing NY Businesses to Encourage Employees Living in NJ to Work...in NJ

By: Ted Zangari and Cecilia I. Lassiter

NJ has long offered out-of-state companies financial incentives to relocate to the state. Now, the state has taken that effort a step further with a pilot program designed to incentivize out-of-state businesses to re-assign those employees who are NJ residents but work outside the state, to an office space located in NJ.

The enabling legislation is awaiting enactment by Gov. Murphy but here’s our early take on how the program will work:

Gov. Murphy Signs Law Amending Incentives Program to Lure Film & Digital Media

By: Cecilia I. Lassiter

Governor Murphy today signed into law amendments to the Garden State Film and Digital Media Jobs Act, P.L. 2018, c. 56 (the “Program”). Below is a summary of the key changes to the Program:

Vacant Storefront Registry Program – Would It Really Help?

By: Jason L. Sobel and Ivette P. Alvarado

A bill on Governor Murphy’s desk for possible enactment into law would add yet another burden on commercial property owners. This time it’s an effort to create a public database of all vacant commercial space available in the state for lease or purchase. Legislators have touted this initiative (Senate Bill 3286/Assembly Bill 4750) as a tool to help New Jersey’s small businesses in “locating storefronts,” but what does it mean for commercial property owners?

By: Jason L. Sobel and Ivette P. Alvarado

A bill on Governor Murphy’s desk for possible enactment into law would add yet another burden on commercial property owners. This time it’s an effort to create a public database of all vacant commercial space available in the state for lease or purchase. Legislators have touted this initiative (Senate Bill 3286/Assembly Bill 4750) as a tool to help New Jersey’s small businesses in “locating storefronts,” but what does it mean for commercial property owners?

Governor Murphy Provides Much Needed Work From Home Relief to Grow NJ, UTHTC, BEIP, & BRAGG Recipients

By: Ted Zangari and Cecilia I. Lassiter

Today Governor Murphy signed into law A4929/S3379, which extends the COVID waiver allowing employees to work from home 100% of the time in 2022 and 90% of the time in 2023 for the Grow NJ program, UTHTC Program, BEIP, and BRAGG. To take advantage of this election, employees must spend at least 10% of their time at the QBF in 2023 and companies must pay 5% of the 2022 annual tax credit award to the EDA to distribute to local businesses. The new law also allows companies until 12/31/23 to elect to terminate their Incentive Agreement due to COVID without any clawbacks or other reprisals. Companies can elect to terminate their Incentive Agreement beginning in tax year 2020 or any subsequent tax year. In addition, the new law allows companies to suspend their tax credit for the years 2020, 2021, 2022, and 2023 and move it to year 11 or later.

NJ Employers Forced to Choose Tax Breaks or Work From Home. How It Could Change Your Week

Check out this article from NorthJersey.com (subscription may be required): https://www.northjersey.com/story/news/2022/04/29/work-from-home-nj-return-to-office-requirement-tax-breaks/9538697002/

Attention Corporate Site Selectors: NJ Finally Has a Replacement Business Attraction/Retention Incentive Program

By: Ted Zangari and Cecilia I. Lassiter

New Jersey has been without a public financial incentive to attract and retain businesses since June 2019 when the GrowNJ program expired. Earlier this week, Gov. Murphy signed into law the Economic Recovery Act of 2020 which includes a replacement incentive program to be known as “Emerge.”  The real estate attorneys at Sills Cummis & Gross P.C. have digested the 249-page bill and prepared a detailed summary of the “Emerge” program.

> Click here to download the detailed summary

Newly Enacted Incentives Legislation Includes Important Amendments Giving Relief to Grow NJ Tax Credit Recipients

Relief Requires Time-Sensitive Action on the Part of Businesses

You may have read that the recently enacted New Jersey Economic Recovery Act of 2020 will create a successor business attraction and retention incentive program to Grow NJ to be known as “Emerge.”  Lost in all the news coverage, however, is the fact that this new law includes important amendments to the Grow NJ statute that may provide pandemic-related relief to your company as a tax credit recipient.