Assembly Commerce and Economic Development Committee approved legislation for Garden State Growth Zone at ACYWith 0 Comments, Category: Advocacy, Business News, Chamber News, Community News, Do Business,
On Monday, the Assembly Commerce and Economic Development Committee approved legislation to provide tax incentives for development at Atlantic City International Airport and the nearby surrounding areas.
Chamber President Joe Kelly provided testimony to the Committee, noting that this designation creates enormous potential for development of new aviation technology, job creation and much needed economic diversification. "Its really been a major focus of the Chamber, and getting the Garden State Growth Zone (GSGZ), designation will allow the facilities that we already have to realize their highest potential."
Under the legislation, qualified business located in this area, designated a GSGZ, will benefit from enhanced incentives offered only to businesses located in GSGZs. The state currently has five designated Garden State Growth Zones: Atlantic City, Camden, Passaic, Paterson, and Trenton.
The bill creates a new Garden State Growth Zone within an aviation district, which is defined to mean all areas within the boundaries of the Atlantic City International Airport and the Federal Aviation Administration William J. Hughes Technical Center, and the area within a one-mile radius of the outermost boundary of that airport and technical center.
The bill extends the deadline for applications three years, from July 1, 2019 to July 1, 2022 for businesses in an aviation district to apply for enhanced incentives under the program. The bill will now go to the Assembly Speaker for further consideration. You can view the ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE STATEMENT TO ASSEMBLY, No. 3676 with committee amendments by clicking here.