by New Jersey Economic Development Authority
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Under the Economic Opportunity Act, Garden State Growth Zones (GSGZ) were identified and defined as the four New Jersey cities with the lowest median family income based on the 2009 American Community Survey from the US Census; and a municipality which contains a Tourism District as established pursuant to section 5 of P.L.2011, c.18 (C.5:12-219) and regulated by the Casino Reinvestment Development Authority.
The highest levels of economic incentives are available in GSGZs in order to further spur private capital investment, business development and employment in those areas.
The New Jersey Garden State Growth Zones include: Atlantic City, Camden, Trenton, Passaic, and Paterson.
Grow NJ Benefits for Businesses Expanding in or Relocating to Atlantic City:
- Businesses in Atlantic City are eligible for increased Grow NJ tax credit amounts per job:
- The base tax credit amount in a GSGZ is $5,000 per FT job per year.
- Including maximum bonuses, the gross tax credit amount is $15,000 per FT job per year.
- GSGZs are eligible for up to a $5,000 bonus tax credit amount per FT job if there is excess capital investment in industrial site for industrial use.
- If average salary is in excess of average for GSGZ as shown below, then project is eligible for up to a $1,500 bonus tax credit amount per FT job.
- The maximum amount to be applied by the business annually is $35,000,000 in GSGZs
- Both new and retained FT jobs receive 100% tax credit (for retained jobs in non GSGZs, tax credits are reduced to the lesser of 50% of gross amount of tax credits or 1/10 of capital investment)