The New Jersey Economic Development Authority is seeking public feedback on how it’s working to implement the $14 billion Economic Recovery Act’s package of tax incentives, financing and grant programs.
To do this, NJEDA has launched a new online portal that outlines the wide range of programs available under the law and gives the public the opportunity to submit comments on ERA-related topics, as well as the regulations drafted to implement the programs.
Gov. Phil Murphy signed the law on Jan. 7 to address the economic impacts of the ongoing COVID-19 pandemic and boost New Jersey’s economy. At the time, New Jersey had been without significant incentive programs for 18 months because its two major programs had expired.
The new law, which NJBIA supported, includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry.
NJEDA CEO Tim Sullivan said the law creates valuable new tools for diving long-term economic growth.
“As we develop these important new programs, we will do so with a commitment to transparency, equity, and faithful stewardship of taxpayer dollars at the center of this effort,” Sullivan said.
“We welcome all New Jerseyans to be part of this process by submitting constructive input on how to ensure new programs created through the Economic Recovery Act are structured and administered in a manner that drives opportunities for all residents and communities,” he said.
The portal allows any member of the public to provide input on how the Authority will operationalize various aspects of the new programs, such program eligibility requirements, net benefit and cost benefit analyses, and community benefit agreements, he said.
The site will also allow members of the public to share their thoughts on how NJEDA can make the programs more transparent. This process precedes and is separate from the NJEDA’s formal procedure to adopt short-term rules, which will be effective immediately as authorized under the Economic Recovery Act, and the procedure for long-term rules which will provide another opportunity for comment on rules and regulations for each new program.
All comments submitted through this portal are subject to New Jersey’s Open Public Records Act. Visit www.njeda.com/economicrecoveryact for more information and to submit comments.
NJBIA Vice President Christopher Emigholz encouraged NJBIA members to share feedback at the new NJEDA portal, as well as to him directly at CEmigholz@njbia.org so that members’ ideas are reflected in NJBIA’s advocacy efforts. NJBIA members can also reach out to Emigholz with any questions about the law’s provision and how it may help their business.