NEW JERSEY INCENTIVES SUMMARY

Emerge Program
The Emerge Program is a job creation and retention incentive program that offers sellable tax credits when the state is in a competitive situation with other states to attract or retain companies. Companies may be eligible for base tax credits ranging from $500 to $4,000 per job, per year with additional bonus tax credits that may increase the award to a maximum of $8,000 per job, per year. The maximum term is seven years.

Economic Redevelopment and Growth Program (ERG)
The ERG is an incentive program primarily to assist developers in financing new projects. For commercial projects, an incentive grant reimbursement of up to 20% of total project cost, with additional grant funding of up to 40% is possible based on project type and location. ERG is designed to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario. ERG may also be available to projects with a below-market development margin or rate of return.

For residential projects, a tax credit of up to 20% of total project cost and a bonus of an additional 10% (for a total of 30%) if the project constructs and reserves at least 10% of the residential units for moderate-income housing.