With this week’s approval of sweeping new tax incentive legislation, Greater Atlantic City Chamber President Joe Kelly congratulated Governor Christie and state lawmakers on improving the state’s Tax Incentive Programs, which will help spur business growth and thus create private sector jobs.
“The legislation, signed today by Governor Christie, will consolidate and expand the Grow New Jersey (“GrowNJ”) and Economic Redevelopment and Growth (“ERG”) tax incentive programs, while phasing out the Business Retention and Relocation Assistance Grant, the Business Employment Incentive and the Urban Transit Hub Tax Credit programs,” said Kelly.
The New Jersey Economic Development Authority (EDA) will oversee and administer the Grow New Jersey Assistance Program and the Economic Redevelopment and Growth Grant Program.
The Chamber actively lobbied legislators to ensure that Atlantic City and Atlantic County were included as part of the targeted areas for development and business growth, and that the required investment levels were sufficient to allow local businesses to grow and create jobs.
“We appreciate the enthusiasm and involvement of the Chamber in helping get this legislation amended and improved,” said John Amodeo, District 2 Assemblyman. “Their active participation in the process resulted in some revisions to the original language of the bill that will directly benefit Atlantic City and Atlantic County.”
Included in the amended bill are critical thresholds and designations that will help facilitate development of aviation research in Atlantic County, as well as projects in Atlantic City’s Tourism Zone, and newly targeted areas such as Pleasantville, according to Kelly.
