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Article Posted on: Six Projects Approved For Grow NJ Tax Credits

Six projects expected to drive job creation and private investment in key industries and targeted areas in New Jersey have been approved for Grow New Jersey (Grow NJ) Tax Credits by the Board of the New Jersey Economic Development Authority (EDA).  A majority of these projects support the attraction of businesses in industries and areas specifically targeted for growth under the Economic Opportunity Act (EOA). Advanced under the EOA, Grow NJ is the state’s main job creation incentive program.

“In keeping with the objectives of the EOA, the projects approved today represent a range of industries, in a variety of locations where the jobs and private investment they bring will be most impactful,” said EDA Chief Executive Officer Melissa Orsen.

The six projects approved for Grow NJ tax credits are associated with the creation of over 645 new jobs, the retention of more than 550 jobs at risk of leaving the state, and private investment of more than $313 million in New Jersey’s economy.

To date, 66 percent of projects approved for Grow NJ tax credits received a bonus for being in one of the defined targeted industries, which include manufacturing, finance, technology and life sciences. Furthering that trend, five out of six projects approved today are in a targeted industry.

More than 64 percent of Grow NJ tax credits approved thus far support projects in a targeted community, including Distressed Municipalities, Urban Transit Hubs, or Garden State Growth Zones. Consistent with that statistic, four out of six Grow NJ projects approved today are in targeted communities.

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