S-3232 (Sarlo, Oroho, Lagana, Burzichelli, Schaer, DeAngelo, Phoebus)
The law directs the New Jersey Economic Development Authority to convert overdue Business Employment Incentive Program (BEIP) grants owed to businesses into a refundable tax credit against corporate, gross income, or insurance premium tax liability. A lack of state funding for the BEIP program in recent years had caused a backlog of unpaid grants and this law provided a way for the state to honor its agreements on job creation and investment by providing eligible businesses with the opportunity to take tax credits instead.
Signed by Governor on January 11, 2016 (P.L.2015, c.194)
Effective Date: January 11, 2016
(Note: Issuance of Tax Credits Was Subsequently Delayed by P.L 2016, c.9)