Gary Marx, Principal, BlueCap Economic Advisors has been awarded recertification by the International Economic Development Council (IEDC) effective Ju...
Marx Awarded Recertification in Economic Development Designation
July 25, 2019
New Legislation Allows New Jersey BEIP Recipients to Receive Benefits Sooner
January 13, 2016
Legislation signed on January 11, 2016 (S-3232/A-4834) by Governor Christie may be important to companies who received a Business Employment Incentive Program (“BEIP”) grant in New Jersey. This new legislation allows grantees the option to convert BEIP cash grants into refundable tax credits against corporate, gross income, or insurance premium tax liabilities.
Since the BEIP has experienced funding shortages, converting to tax credits allows grantees waiting for BEIP funds to receive their incentive benefit in a more timely-manner.
Companies receiving tax credits can:
1. Apply the credits against their New Jersey state tax liability, or
2. Transfer (sell) the credits to another New Jersey taxpayer.
The BEIP is now replaced by the Grow NJ Program, which provides refundable tax credits to companies committing to New Jersey with new or retained jobs and capital investment.