NJ Statewide Economic Development Agencies

NJ Utilities

NJ Regional Economic Development Agencies

NJ County Economic Development Agencies

NJ City Economic Development Agencies

Jersey City Economic Development Corporation
Dan Frohwirth
Director of Real Estate/Marketing
30 Montgomery Street, Suite 820
Jersey City, NJ USA 07302
201-333-7797 ext 32
dan@jcedc.org
www.jcedc.org
Jersey City is the choice of the world’s top businesses, offering affordable, state-of-the-art facilities, proximity to New York, substantial economic incentives/benefits and the state’s largest Urban Enterprise Zone program.

NEW JERSEY State Incentives

NEW JERSEY PARTNERSHIP FOR ACTION: A three-pronged public-private approach to economic development and the starting point for all initiatives, policies and efforts to grow New Jersey’s economy and create quality, sustainable jobs in our communities. The three elements of the Partnership include Choose New Jersey, an independently funded and operated 501(c)(3) nonprofit corporation created to encourage and nurture economic growth throughout New Jersey; the Business Action Center, which reports directly to the Lieutenant Governor and provides the business community with a single point of contact, applying a proactive, customer-service approach to businesses’ interactions with State government; and, the New Jersey Economic Development Authority (EDA), serving as the state’s “bank for business.”

The ECONOMIC REDEVELOPMENT AND GROWTH (ERG) PROGRAM is a reimbursement incentive that enables developers to use up to 75 percent of new State and/or local incremental taxes generated from a project to fund financing gaps. The program provides up to 20 percent of the total project cost, paid out over a period of up to 20 years. Redevelopment projects in qualifying areas that have secured a municipal ordinance and demonstrated sufficient net benefits may be eligible for assistance.

URBAN TRANSIT HUB TAX CREDIT PROGRAM: A financial tool designed to spur private capital investment, business development and employment by providing tax credits for businesses planning a large expansion or relocating to one of New Jersey’s designated Urban Transit Hubs. The program offers developers, owners or tenants up to 100 percent of a qualified capital investment made within an eight period. Taxpayers may apply 10 percent of the total credit amount per year over a ten-year period against their corporate business tax, insurance premiums tax or gross income tax liability. Developers or owners must make a minimum $50 million capital investment in a single business facility, and at least 250 full-time employees must work at that facility. Tenants in a qualified business facility can represent at least $17.5 million of the capital investment in the facility, and up to three tenants may aggregate to meet the 250 employee requirement.

The BUSINESS EMPLOYMENT INCENTIVE PROGRAM (BEIP) is a powerful incentive that encourages businesses to locate and expand in New Jersey. Approved businesses receive annual cash grants based on the number of new jobs created in the State. In order to qualify, businesses must create at least 25 new jobs within a 2-year period; emerging high technology and biotech companies’ eligibility threshold is 10 new jobs. A business must also demonstrate that the BEIP grant is a “material” factor in moving the job expansion or relocation forward in New Jersey, and that it is economically viable. The standard BEIP incentive is limited at 50 percent of the employees’ state income taxes withheld on the newly created jobs; however, companies that meet certain Smart Growth objectives can have their grant boosted to 80 percent. Qualifying businesses may be eligible for up to 10 years worth of grants, though they must maintain the project and the jobs in New Jersey for at least 1.5 times the number of years the grant is in effect.

The BUSINESS RETENTION & RELOCATION ASSISTANCE GRANT (BRRAG) is a recently enhanced program designed to help companies preserve jobs, expand operations and reinvest in New Jersey. The program provides corporate business tax credits to companies that are relocating operations within New Jersey and retaining at least 50 full-time jobs. Up to $2,250 per year for up to six years is now available per each job retained in the State. The award amount is dependent on the application of “bonus credits,” which may be available for the relocation of jobs to urban centers, and/or for a capital investment at least twice that of the value of the awarded credits. The number of times the yearly tax credit amount is awarded is dependent on the number of retained jobs. Companies must commit to remaining in the State for the tax credit term and an additional five years. For leased project locations, the business must sign a written lease for a period of no less than the commitment duration or eight years, whichever is greater. The total amount of credits that can be applied against a single company’s tax liability in a fiscal year may not exceed $10 million.

SALES AND USE TAX EXEMPTION PROGRAM (STX), a program often used in conjunction with BRRAG that offers companies a sales tax exemption certificate which applies only to property purchased for installation at the approved project site. This certificate allows the business to purchase machinery, equipment, furniture, fixtures, and building materials for the project without the imposition of the state’s 7 percent sales tax. Eligible companies must have 1,000 or more employees in New Jersey and relocate 500 or more to a new business location. Life sciences or manufacturing companies may be eligible if they relocate 250 or more employees to a new facility. Companies must maintain the retained full-time jobs in New Jersey for five years.

BOND FINANCING: A creditworthy manufacturing company, a 501(c)(3) not-for-profit organization or an exempt facility in New Jersey can apply for long-term financing under the Bond Financing Program. $500,000 to $10 million in tax-exempt bonds for for-profit companies, with either a fixed or variable interest rate, and terms up to 20 years for real estate and 10 years for equipment. Or, $500,000 with no dollar limit in tax-exempt bonds for qualified not-for-profit organizations.

Tax-exempt bonds for eligible for-profit companies can be used to finance capital improvements and expansions, including real estate acquisitions, new equipment, machinery, building construction, and renovations. Tax-exempt bonds for not-for-profit organizations seeking capital to expand community services can be used to finance land and building acquisitions, new construction and renovations, equipment purchases, debt refinancing and working capital. Government tax-exempt bonds can be used for projects that are owned and operated for the benefit of local, county and state government bodies.

SMALL BUSINESS FUND: An expedited approval process provides financial assistance to qualified businesses through direct loans or guarantees, with the choice of a variable or fixed interest rate. A small, minority-owned or women-owned business in NJ in operation for at least one full year or not-for-profit corporation in operation for at least three full years may qualify for up to $300,000 for credit scores greater than or equal to 700; up to $125,000 for credit scores greater than or equal to 650; and up to $300,000 for Not-for-Profits with 1.1X historical debt service coverage. It may be used for fixed assets and working capital.

ENERGY EFFICIENCY REVOLVING LOAN FUND (EE RLF): New Jersey-based commercial, institutional or industrial entities (including 501(c)(3) organizations) that have received an approved Energy Reduction Plan under the NJ Board of Public Utilities’ Pay for Performance program may be eligible for supplemental financing through the EE RLF. Also eligible are those entities participating in the NJ Board of Public Utilities’ Large Energy Users Pilot Program. Financing, in the form of low-interest loans, can be used to support up to 80 percent of total eligible project costs, not to exceed $2.5 million or 100 percent of total eligible project costs from all public State funding sources. Funds can be used for whole-building energy improvements.

NEW JERSEY BUSINESS GROWTH FUND: A joint program of the EDA and PNC Bank. Small or mid-sized companies that are creating or retaining jobs in NJ can apply for financing of up to a $3 million bank loan with a 25 percent or 50 percent EDA guarantee. The maximum EDA guarantee is $1.5 million. It can be used for the funding of real estate or equipment. Companies must commit to create one full-time job in NJ for every $50,000 of guarantee provided by the EDA with the exception of manufacturers, which must commit to maintain one existing full-time job in New Jersey per $50,000.

EDISON INNOVATION CLEAN ENERGY MANUFACTURING FUND (CEMF): Provides support for manufacturers that need to identify a manufacturing site, perform site improvements, construct a facility and/or purchase equipment. Organizations awarded a grant under CEMF are automatically certified as a NJ manufacturer through New Jersey’s Renewable Energy Manufacturing Incentive (REMI) program. REMI provides rebates to New Jersey residents, businesses, local governments and not-for-profit organizations that purchase and install solar panels, inverters and racking systems manufactured in NJ.

A qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible for up to $3.3 million in grants and loans for project assessment and design, and project construction and operation associated with a new manufacturing line or the material expansion of an existing line of a New Jersey manufacturing facility.

EDISON INNOVATION ANGEL GROWTH FUND: Leverages private angel investors in support of early-stage, emerging technology businesses in a less dilutive manner than equity. An angel supported NJ-based technology company with minimum trailing 12 month commercial revenues of $500,000 derived from core business activities, such as the sale of technology products can apply for growth capital of up to $250,000 to be used for key hires, product rollout, product enhancement and marketing/sales.

MAIN STREET BUSINESS ASSISTANCE PROGRAM: Provides financial support to commercial banks in New Jersey to provide financial assistance to small and mid-sized businesses and not-for-profit organizations with projects in NJ. It can provide direct loans, bank term loan participations and/or guarantees and line of credit guarantees for small or mid-sized business or not-for-profit organizations in operation in NJ for at least two years. Can be used for fixed assets, refinancing of debt or working capital.

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NY Statewide Economic Development Agencies

NY Utilities

NY Regional Economic Development Agencies

NY County Economic Development Agencies

NY City Economic Development Agencies

New York State Incentives

REGIONAL ECONOMIC DEVELOPMENT COUNCILS: Governor Cuomo’s new Regional Councils represent a fundamental shift in New York State’s approach to economic development, from a top-down development model to a community-based approach that empowers regions to set their own development priorities. Each Regional Council, chaired by Lieutenant Governor Robert Duffy and made up of local industry, academic, and community leaders, will create a plan for the development of their region. Through a new Consolidated Funding Application that combines resources from dozens of existing programs, the Councils will apply for $1 billion in state funding for projects they determine to be part of their regional strategies. To learn more about the Regional Councils, please visit www.nyopenforbusiness.com.

EXCELSIOR JOBS PROGRAM: Governor Cuomo’s 2011-2012 Executive Budget revised the Excelsior Jobs Program to produce better results for New York’s strategic industries through enhanced tax credits, an extended tax benefit period, discounted gas or electric rates from utilities, and increased responsiveness and transparency. The Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four new tax credits. Excelsior encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Program costs are capped at $500 million annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment. To learn more about the Excelsior Jobs Program, please visit www.esd.ny.gov/BusinessPrograms.html.

COMMERCIAL DISTRICT REVOLVING LOAN TRUST FUNDS: ESD has capitalized over $600,000, making funds available to five community-based corporations to administer and make loans to small retail and service businesses in their service areas. The two primary forms of assistance are:

• Working capital loans of up to $15,000 for up to 5 years. Loans may be used for, but not limited to: upgrading display lighting; advertising and promotion; payroll for additional staff and training; purchase of computers to enhance inventory control; and the purchase of display cabinets, furniture and fixtures.
• Fixed asset loans of up to $20,000 for terms not to exceed 7 years. Loans may be used for, but not limited to: acquisition or improvement of real property, including interior improvements and remodeling, building façade improvements and signage.

Eligible applicants include for-profit retail, professional or commercial service businesses with 50 or fewer full-time equivalent employees, located within the specific service delivery area served by the administering corporation.

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION ASSISTANCE PROGRAM (CDFI): Provides micro-loans to businesses who often do not qualify for bank loans, as well as one-on-one counseling and business development assistance to facilitate credit-readiness.

ECONOMIC DEVELOPMENT FUND (EDF): Offers financial assistance for projects that promote the economic health of New York State by facilitating the creation and or retention of jobs or the increase of business activity in the State. EDF funds assist with construction, expansion and rehabilitation of facilities; acquisition of machinery and equipment; working capital; and the training of full-time permanent employees.

ENTREPRENEURIAL ASSISTANCE PROGRAM (EAP): Establishes Entrepreneurial Assistance Centers in local communities to provide instruction, training, technical assistance and support services to individuals who have recently started their own business or are interested in starting a business.

INDUSTRIAL EFFECTIVENESS PROGRAM (IEP): To provide technical and financial assistance to help New York State manufacturing firms address competitiveness issues that increase productivity, efficiency and market share. The award evaluation will be based on demonstrated need, company size, willingness to share costs of technical expertise and contribute resources, involvement of employees and commitment to self-improvement. The maximum award is a $50,000 grant.

JOB DEVELOPMENT AUTHORITY (JDA) DIRECT LOAN PROGRAM: Provides Direct Loans for the growth of manufacturing and other eligible businesses within New York State by assisting in financing a portion of the cost of acquiring and renovating existing buildings or constructing new buildings (“Real Estate” projects) or for purchasing machinery and equipment (“M&E” projects). Funds to make Loans are derived from the sale of State-guaranteed bonds.

In most cases, JDA Loans can be for up to 40 percent of the total project cost of Real Estate projects or M&E projects. Loans may be up to 60 percent for projects located in Empire Zones or economically distressed area.

The combination of a bank loan and a JDA Loan allows up to 90 percent financing of a project.

JOBS NOW: Offers financial assistance for major business expansion and attraction efforts that will create or attract significant numbers of permanent, full time private sector jobs in New York State. It is primarily directed toward large projects that create a minimum of 300 new full-time jobs. ESD may provide assistance for projects that create fewer than 300, but at least 100 new, permanent, full-time, private sector jobs, within the State.

Funding assists businesses with construction and expansion of facilities; acquisition of machinery and equipment; to offset a portion of state and local taxes incurred by the expansion; and the recruitment, hiring and training of full-time permanent employees.

MINORITY AND WOMEN-OWNED BUSINESS (MWBE) DEVELOPMENT & LENDING PROGRAM: Provides financial assistance to Minority and Women-Owned Business Enterprises (MWBE) in the State, as well as to projects and programs that assist the development of entrepreneurship among minority persons and women in New York State. Assistance is offered through:

• Lending in conjunction with local, community and regionally-based entities
• Lending for certified government contractors and eligible government contractors
• Direct financial assistance
• Incubator assistance
• Technical assistance

TRANSPORTATION CAPITAL ASSISTANCE PROGRAM: ESD administers this loan program for the New York State Department of Transportation (NYSDOT). It provides government contractor working capital loans to small business enterprises and NYS-certified minority and women-owned business enterprises (MWBEs) that have transportation-related construction contracts with NYSDOT or who are subcontractors of contractors having transportation-related contracts with NYSDOT. The program offers loans from $20,000 to $500,000, with a prime interest rate fixed at closing. Contractors that have been awarded a contract but have not yet begun work on the contract are eligible. Applications are accepted continuously.

WORLD TRADE CENTER JOB CREATION & RETENTION PROGRAM (JCRP): Encourages companies to commit to creating a minimum of 75 new jobs, or retaining at least 200 jobs, in Lower Manhattan.

NEW MARKETS TAX CREDIT: Program that subsidizes long-term capital investment in order to foster job creation and community development in Low-Income Communities throughout New York State. Empire State Development (ESD) has available interest-only loans at below-market rates, a portion of which may be forgiven upon maturity.

NEW YORK STATE FILM PRODUCTION CREDIT PROGRAM: Established to attract and grow the film and television production industries throughout New York State (NYS). It offers a fully refundable 30 percent tax credit on qualified production costs incurred in NYS and is funded at $420 million per year for each of the calendar years 2010-2014. Eligible productions include:

• Feature films
• Episodic television series
• Television pilots and presentations
• Television movies and miniseries

NEW YORK STATE FILM POST PRODUCTION CREDIT PROGRAM: Created to support and grow the post production industry in New York State. Many projects, whose location shooting was done elsewhere, will take advantage of New York’s abundant post-houses and bring the project to NYS for their post production work. Up to $7 million per year for calendar years 2010-2014 inclusive will be available.

This program is entirely separate from the New York State Film Production Credit program, and applicants to that program may NOT apply to both programs for the same project.

The NYS Post Production credit is a fully refundable 10 percent tax credit on qualified post production costs paid in the production of a qualified film at a qualified post production facility in New York State. There are no per-project caps, and there is rollover in the annual $7 million allocation going forward until 2014.

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DOC Statewide Economic Development Agencies

DOC Utilities

DOC Regional Economic Development Agencies

DOC County Economic Development Agencies

DOC City Economic Development Agencies

District of Columbia State Incentives

Please check back here again for Incentives Updates.

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MD Statewide Economic Development Agencies

MD Utilities

MD Regional Economic Development Agencies

MD County Economic Development Agencies

MD City Economic Development Agencies

Maryland State Incentives

INVEST MARYLAND: Designed to unlock capital for early-stage companies, InvestMaryland will fuel investment in our innovation economy, capitalize small and minority businesses, and replenish the DBED-administered Maryland Venture Fund. The program is effective January 2011 with first round of funds available by June 2012. The program will provide $100 million in insurance premium tax credits that will be auctioned to raise venture capital for the State’s entrepreneurs. Two-thirds of the funds will be invested on behalf of the State by private venture capital firms, while the Maryland Venture Fund and the Maryland Small Business Development Financing Authority will administer the remaining one-third. The bill also allocates $250,000 to the Rural Maryland Council, an organization that promotes the State’s natural resource based industries.

STATE SMALL BUSINESS CREDIT INITIATIVE: Passed as part of President Obama’s Small Business Jobs Act of 2010, this initiative awarded Maryland with $23 million to strengthen existing financing programs that support lending to small businesses. The State is allocating the funds to programs that leverage private lending to help finance small businesses that are creditworthy, but are not getting the loans they need to expand and create jobs.

MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE AUTHORITY AND FUND: There are five financing capabilities offered through the Maryland Economic Development Assistance Authority and Fund (MEDAAF), with assistance being provided to the business community and political jurisdictions. To qualify for assistance from MEDAAF, applicants are restricted to businesses located within a priority funding area and an eligible industry sector. With a few exceptions, assistance cannot exceed 70 percent of the total project costs.

COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM: Provides funding to commercial and industrial economic development projects. Program funds are dispersed to a local jurisdiction in the form of a conditional grant and are then used for public improvements or loaned to a business.

MARYLAND VENTURE FUND: A state-funded seed and early-stage equity fund; an evergreen fund that receives annual allocations from the Maryland State Legislature. The Fund makes direct investments in technology and life science companies and indirect investments in venture capital funds. Approximately 60 percent of the Fund is invested in technology companies in the areas of software, communications, and IT security, and 40 percent of the Fund is invested in life sciences companies in the areas of therapeutics, medical devices, and diagnostics.

CHALLENGE INVESTMENT PROGRAM: Provides financing for seed-stage companies to cover a portion of the initial costs associated with bringing new products to market. Initial investments of $50,000 to $100,000 are made with incremental investments to a maximum of $150,000. These incremental investments are awarded based upon the client’s performance and the client’s ability to achieve milestones set by the Maryland Venture Fund at the time of the initial closing.

BIO-HEATING OIL TAX CREDIT: Allows an individual or corporation to claim a credit for each gallon of heating oil blended with biodiesel purchased for space or water heating. For any tax year, the credit allowed under this section may not exceed $500, or the state income tax for that tax year. It is available for the tax years beginning after December 31, 2007, but before January 1, 2018 and remains effective for 10 years. Sole proprietorships, corporations and pass through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.

BIOTECHNOLOGY INVESTMENT TAX CREDIT: An individual or business may be allowed a tax credit of up to 50 percent of the amount contributed to a qualified Maryland biotechnology company, not to exceed $250,000. The credit may be taken against corporate income tax or personal income tax. Sole proprietorships, corporations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts, may claim the tax credit.

BUSINESSES THAT CREATE NEW JOBS CREDIT: Businesses located in Maryland that create new positions and establish or expand business facilities in the state may be entitled to a tax credit. To be eligible for the tax credit, businesses must first have been granted a property tax credit by a local government of Maryland for creating the new jobs.

The credit may be taken against corporate income tax, personal income tax or insurance premiums tax. The credit may be applied to only one of these tax types in addition to the property tax. Sole proprietorships, corporations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.

CELLULOSIC ETHANOL TECHNOLOGY R&D TAX CREDIT: Businesses that incur qualified research and development expenses for cellulosic ethanol technology in Maryland are entitled to a tax credit. The total credits for all businesses may not exceed $250,000 per year. This credit is available for tax years beginning after December 31, 2007, but before January 1, 2017. The credit may be taken against corporate income tax or personal income tax. Sole proprietorships, corporations and pass through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.

CLEAN ENERGY INCENTIVE TAX CREDIT: Businesses that use certain renewable energy sources or waste materials to produce electricity that is sold to an unrelated person may be entitled to an income tax credit. The facility must be placed in service, or co-firing with coal must begin, on or after January 1, 2006, but before January 1, 2016. Sole proprietorships, corporations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.

COMMUNITY INVESTMENT TAX CREDIT: Businesses and individuals that donate to qualified organizations’ approved projects can earn credits equal to 50 percent of the value of the money, goods or real property contribution operated by tax exempt organizations (under Internal Revenue Code section 501(c)(3)) are eligible for a tax credit of up to $250,000. This credit is in addition to any charitable contribution deduction that is allowed for these contributions on both the state and federal income tax returns. The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. The same credit may not, however, be applied to more than one tax type.

COMMUTER TAX CREDIT: Maryland-based businesses that provide commuter benefits for employees may be entitled to a tax credit for a portion of the amounts paid during the taxable year. Commuter benefits include certain costs for an employee’s travel to and from home and the workplace, a Guaranteed Ride Home program or a parking “Cash-Out” program. The credit may be taken against corporate income tax, personal income tax, state and local taxes withheld (for tax-exempt organizations) or insurance premiums tax. The same credit may not, however, be applied to more than one tax type. Sole proprietorships, corporations, tax-exempt nonprofit organizations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.

EMPLOYER-PROVIDED LONG-TERM CARE INSURANCE TAX CREDIT: Employers who provide long-term care insurance as part of an employee benefit package may claim a credit for costs incurred. The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. The same credit may not, however, be applied to more than one tax type. Sole proprietorships, corporations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.

EMPLOYMENT OPPORTUNITY TAX CREDIT: Businesses that hire an individual who is receiving Aid to Families with Dependent Children (AFDC) or Family Investment Program (FIP) entitlements may be entitled to a tax credit for wages paid to the employee and for child care and transportation expenses paid on behalf of the employee. The credit may be claimed for individuals hired before July 1, 2009. The credit may be taken against corporate income tax, personal income tax, state and local taxes withheld (for certain tax-exempt organizations only), insurance premiums tax or public service company franchise tax. The same credit may not, however, be applied to more than one tax type.

ENTERPISE ZONE TAX CREDIT: Businesses located in a Maryland enterprise zone may be entitled to a tax credit for wages paid to newly hired employees. The local enterprise zone administrator must certify the business to qualify for the credit. The credit may be taken against corporate income tax or personal income tax.

JOB CREATION TAX CREDIT: Businesses that expand or establish a facility in Maryland before January 1, 2013, resulting in the creation of new positions in the state may be entitled to a tax credit. The amount of the tax credit is based on the number of positions created or on the wages paid to the new employees hired to fill those positions.

MARYLAND DISABILITY EMPLOYMENT TAX CREDIT: Businesses that hire people with disabilities may be entitled to a tax credit for wages paid to the employees and for child care or transportation expenses paid on behalf of the employees. A person with a disability includes a veteran released from the armed forces for a service-related disability. The credit may be claimed for individuals hired before July 1, 2012.

MARYLAND-MINED COAL TAX CREDIT: A co-generator, a public service company or an electricity supplier that purchases coal mined in Maryland on or before December 31, 2020 may be eligible for a tax credit.

ONE MARYLAND ECONOMIC DEVELOPMENT TAX CREDIT: Certain businesses that establish or expand a business facility in a priority funding area or as part of a project approved by the Board of Public Works, and that are located in a “distressed” Maryland county, may be entitled to a tax credit for costs related to the new or expanded facility. A “distressed” county has, for the most recent 24-month period, an average rate of unemployment that is 150 percent higher than the statewide average or an average per-capita personal income that is equal to or less than 67 percent of the statewide average, and includes a county (including Baltimore City) that no longer meets one of these requirements, but did so at some time during the preceding 12-months.

R&D TAX CREDIT: Businesses that incur qualified research and development expenses in Maryland are entitled to a tax credit. The total credits for all businesses may not exceed $6 million per year.

SUSTAINABLE COMMUNITIES TAX CREDIT: This credit replaces the Heritage Structure Rehabilitation Tax Credit as of June 1, 2010. This credit is an expansion of the Heritage Structure Tax Credit and alters eligibility requirements of the credit. A refundable credit may be allowed for substantial expenditures incurred to rehabilitate certified structures in Maryland on or after June 1, 2010, but before July 1, 2014.

TELECOMMUNICATIONS PROPERTY TAX CREDIT: A telecommunications company that is a public utility is allowed a credit for a portion of the total property taxes paid by the company on its operating real property in Maryland, other than operating land, that is used in its telecommunications business. The credit may be taken only against corporate income tax. Only corporations may claim the tax credit.

WORK-BASED LEARNING PROGRAM TAX CREDIT: Businesses that hire students as part of an approved work-based learning program in the state may be entitled to a tax credit for a portion of the wages paid to the individuals. The credit may be claimed only for tax years beginning after December 31, 2008. The tax credit is in effect for five years and ends June 30, 2013.

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PA Statewide Economic Development Agencies

PA Utilities

PA Regional Economic Development Agencies

PA County Economic Development Agencies

PA City Economic Development Agencies

Pennsylvania State Incentives

DISCOVERED AND DEVELOPED IN PA PROGRAM (D2PA): Grant established to build capacity to better support Pennsylvania businesses and to spur creativity and innovation in the provision of economic development services. Eligible uses include: Reasonable salary/personnel expenses; Consultant fees relating to approved programmatic activities; land/building/equipment improvements; Meeting/travel expenses; Costs associated with preparation and publishing of educational/marketing materials. Eligible applicants are private and public sector entities whose mission includes economic development. Competitive projects will include ongoing or innovative new activities, programs or events to promote entrepreneurship, encourage technology transfer, improve capacity building for regional economic development or provide outreach to businesses.

PENNSYLVANIA FIRST: A grant, loan, loan-guarantee funding tool to facilitate increased investment and job creation within the Commonwealth. Eligible applicants include businesses, or IDCs, municipalities or authorities on behalf of businesses, which will create or preserve a significant number of jobs, make a large investment and offer substantial economic impact, either for the Commonwealth as a whole or for the locality or region in which a business will locate or expand. Funds can be used for machinery/equipment; job training; infrastructure; land and building improvements; environmental assessment/remediation; acquisition of land, buildings and right-of-ways; working capital; site preparation, demolition and clearance.

KEYSTONE INNOVATION ZONE TAX CREDIT PROGRAM: Provides tax credits to for-profit companies less than eight years old operating within specific targeted industries within the boundaries of a Keystone Innovation Zone (KIZ) Program. Tax credits must be applied against the tax liability of a KIZ company for the tax year in which the KIZ Tax Credit was issued. A KIZ company may claim a tax credit equal to 50 percent of the increase in that KIZ Company’s gross revenues in the immediately preceding taxable year attributable to activities in the KIZ, over the KIZ Company’s gross revenues in the second preceding taxable year attributable to its activities in the KIZ. The KIZ Tax Credit is limited to $100,000 annually per KIZ company. Applications must be submitted on or before September 15 of each year.

ALTERNATIVE & CLEAN ENERGY PROGRAM: Administered jointly by the Dept. of Community and Economic Development (DCED) and the Dept. of Environmental Protection (DEP), under the direction of the Commonwealth Financing Authority, it provides financial assistance in the form of grant and loan funds that will be used by eligible applicants for the utilization, development and construction of alternative and clean energy projects in the Commonwealth.

• Loans for manufacturers of alternative and/or clean energy generation equipment or components shall not exceed $35,000 for every new job created within three years after approval of the loan. Loans for any alternative energy production or clean energy project shall not exceed $5 million or 50 percent of the total project cost, whichever is less.
• Grants for manufacturers of alternative and/or clean energy generation equipment or components shall not exceed $10,000 for every job projected to be created by the business within three years after approval of the grant. Grants for any alternative energy production or clean energy project shall not exceed $2 million or 50 percent of the total project cost, whichever is less.

BEN FRANKLIN TECHNOLOGY DEVELOPMENT AUTHORITY (BFTDA):

• BFTDA VENTURE INVESTMENT PROGRAM: Investment in venture capital partnerships investing in early-stage PA technology companies. Venture capital partnerships and angel investment groups are eligible. Funding is variable.
• BFTDA TECHNOLOGY DEVELOPMENT GRANT: Grants to help groups or consortia of Pennsylvania companies position themselves at the cutting edge of emerging technologies and establish a competitive advantage through the use of advanced e-business systems. Not-for-profit organizations and Community groups are eligible. Funding is variable.
• BFTDA ALTERNATIVE ENERGY DEVELOPMENT PROGRAM (AEDP): Provides funds to businesses through the four Ben Franklin Technology Partners for access to capital, business expertise, technology commercialization services to advance the development of new technologies and for the generation, conservation and transportation of alternative and clean energy. The BFTDA Centers receive funding to award to entrepreneurs, start-up & early-stage companies, established companies, investors, higher education & research and BFTP alumni companies.

BUILDING PA: Provides $150 million in funding for the development of real estate assets within the Commonwealth to be matched by private investors and foundations looking to facilitate projects within the Commonwealth. The resulting $300 million fund will provide mezzanine capital for developers seeking to redevelop and revitalize real estate assets in small to mid-sized PA communities. By creating a public/private partnership, this $300 million account will allow Pennsylvania to stimulate the marketplace, and close more deals. The goal is to encourage the undertaking of more projects, while creating a fund that will sustain itself for years to come.

BUSINESS IN OUR SITES GRANTS & LOANS: A $300 million statewide loan and grant pool, created by the issuance of bonds. This money will be made available to communities statewide to help them develop shovel-ready sites to accommodate expanding businesses, thus building the local and regional economy and ultimately creating jobs. Emphasis will be given to communities that lack the resources necessary to invest in site preparation. Funds may be used to acquire land, conduct environmental assessment and remediation and perform demolition. The funds may also be used for site preparation activities and installation of infrastructure, including but not limited to, sewer, water, storm water, utilities and telecommunications, both on site and as needed to bring service to the site. They may also be used for access roads or other necessary on-site and off-site transportation improvements. These include rail, costs associated with engineering, legal and other professional services; and any other activities necessary to make a specific site ready for reuse.

BUSINESS OPPORTUNITIES FUND (BOF): Installment loans, lines of credit and technical assistance for minority business enterprises, women-owned business enterprises and small businesses. There are no minimum or maximum loan sizes and funds may be used for cash flow (working capital), equipment, leasehold improvements and acquisition of owner-occupied real estate.

COMMUNITY ECONOMIC DEVELOPMENT LOAN PROGRAM: Low-interest loans for projects in distressed communities. Loans are available up to $100,000 or 50 percent of total eligible project cost (whichever is less), and can be used for land and building acquisition; building, construction and renovation; machinery and equipment acquisition and installation; and working capital. For-profit small businesses (100 employees or less) that are located in a DCED designated distressed community or Keystone Opportunity Zone are eligible.

CUSTOMIZED JOB TRAINING PROGRAM (CJT): Grants up to 75 percent of the eligible costs for training new or incumbent employees. Trainees must be residents of PA, employed in PA and must earn more than 150 percent of current minimum wage. Manufacturing, industrial, agricultural enterprises, R&D, advanced technology and business service firms (no point of sale/retail) are eligible.

DIGITAL & ROBOTIC TECHNOLOGY: The Technology Collaborative (TTC) was formed in 2005 through the merger of the Pittsburgh Digital Greenhouse and the Robotics Foundry. TCC is a statewide economic development organization whose mission is to help increase PA’s technology-based economy through the development of collaborative industry clusters that leverage the region’s world-class assets in advanced electronics, cyber security and robotics. It helps to create an ideal environment for business expansion through leverage of the region’s high-tech base, along with resources and support from local universities, private foundations, regional development organizations, federal, state and local government, and industry. As a member-driven initiative, TTC delivers high-value-add programs and services that start-up and expansion businesses need such as collaborative research, education and training, extensive business support, networking opportunities and employee recruitment services.

EDUCATIONAL IMPROVEMENT TAX CREDIT PROGRAM (EITC): Tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization and/or a Pre-Kindergarten Scholarship Organization. Tax credits equal to 75 percent of its contribution up to a maximum of $300,000 per taxable year—can be increased to 90 percent of the contribution, if business agrees to provide same amount for two consecutive tax years. For contributions to Pre-Kindergarten Scholarship Organizations a business may receive a tax credit equal to 100 percent of the first $10,000 contributed and up to 90 percent of the remaining amount contributed up to a maximum credit of $150,000 annually.

EXPORT FINANCING PROGRAM: Funding for small business for export activities. Maximum loan amount is $350,000. For-profit businesses with no more than 250 full-time employees exporting products manufactured or assembled at facilities located in PA or for services that originate from facilities located in PA are eligible.

FILM TAX CREDIT PROGRAM: $60 million in tax credits is available in an effort to expand the activity of film, television and other production companies in the state. A project is eligible if at least 60 percent of the project’s total production budget is used for Qualified Pennsylvania production expenses. The amount of tax credits available is equal to 25 percent of Qualified Pennsylvania production expenses for the project.

FIRST INDUSTRIES FUND: Administered by the Commonwealth Financing Authority (CFA) and the Dept. of Community and Economic Development, it is a loan, loan guarantee and grant program aimed at strengthening PA’s agriculture and tourism industries. Uses include:

• Loans and Loan guarantees – land and building acquisition and construction, machinery and equipment purchase and upgrades and working capital
• Grants – planning and predevelopment activities.

GLOBAL ACCESS PROGRAM (GAP): Designed to enhance the capability of small and mid-sized PA companies to increase export sales, it is a valuable tool available to qualifying companies seeking financial assistance and foreign market entry support. The 1:1 matching grant has a maximum annual award of $5,000 per company. Valid uses include overseas trade show participation, overseas trade mission participation, foreign market sales trip and subscription to US DOC services.

GUARANTEED FREE TRAINING PROGRAM (GFT-WEDnetPA): Basic skills (up to $450 per trainee and $75,000 per company) and IT training (up to $850 per trainee and $50,000 per company) for eligible employees of new and expanding businesses. Trainees must be PA residents, employed in PA, permanent fulltime employees and earn at least 150 percent of current federal minimum wage. Basic Skills: must be front-line employee or first level supervisor. Information Technology: must be technical worker, ITT professional or front-line employee/first level supervisor of a manufacturing company who is limited to receiving advanced applied manufacturing training only. See at www.wednetpa.com

HIGH PERFORMANCE BUILDING PROGRAM: Provides financial assistance in the form of grants and loan funds to underwrite the cost premiums associated with the design and construction or major renovation of high performance buildings in the Commonwealth. Loans for high performance building projects for small businesses shall not exceed $2 million. Grants for high performance building projects shall not exceed $500,000 or 10 percent of the total eligible building construction/renovation costs (whichever is less). Grants shall not exceed $2 million for a small business and have a term of not more than five years. There is a matching investment requirement of at least $1 for every $1 of program funds awarded.

INNOVATION GRANT (IG): Provides funding to encourage the technology transfer and commercialization of intellectual property between Pennsylvania’s technology-oriented businesses and entrepreneurs and academic medical institutions, non-profit research institutions and Pennsylvania Institutions of Higher Education (IHEs) with preference given to Keystone Innovation Zone-participating IHEs. It is a companion program to the Keystone Innovation Zone (KIZ) program. Each Grant request may not exceed $100,000 and must be matched dollar-for-dollar by resources other than the Commonwealth of Pennsylvania. Grants to IHEs, academic medical centers and non-profit research institutions are to facilitate technology transfer, including patent filings, technology licensing, intellectual property and royalty agreements and other designated resource needs.

JOB CREATION TAX CREDITS (JCTC): A $1,000-per-job tax credit to approved businesses that agree to create at least 25 new jobs (or expand the existing workforce by at least 20 percent) within three years; 25 percent of the tax credits allocated each year must go to businesses with less than 100 employees. Tax credits may not be utilized by a business until the jobs are actually created.

MARKETING TO ATTRACT TOURISTS: Provides funding to support and develop heritage assets, enhance outdoor recreation and support the growth or development of various events. A primary goal of the program is to promote overnight stays. Applicants should, as part of the project narrative, explain how their project will meet this goal. Non-profit organizations with a significant interest in the development of tourism product that provides a visitor experience to a tourist region, destination and/or attractions are eligible to apply. Funds may be used to support events, facility enhancements, new construction and/or renovations or for the development of marketing, advertising and public relations campaigns to build attendance.

NEIGHBORHOOD ASSISTANCE/ENTERPRISE ZONE TAX CREDIT (NAP/EZP): Provides tax credits to private companies investing in rehabilitating, expanding or improving buildings or land located within designated enterprise zones. Uses include real property improvements such as rehab, expansion or physical improvements to buildings or land resulting in jobs created or retained. Tax credits equal 25 percent of amount invested, up to $500,000 total tax credits per project.

PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING (PEDFA):

• PEDFA TAX EXEMPT BOND PROGRAM – Tax-exempt and taxable bonds, both in pooled transactions and stand-alone transactions, to be used to finance land, building, equipment, working capital and refinancing. Loans are no less than $400,000 and no more than $10 million for manufacturers (with no upper limit for other projects)—up to 100 percent of project costs. Eligible businesses include manufacturing, nonprofit 501(c) (3), energy, solid waste disposal, wastewater treatment, transportation facilities, and assisted living/housing
• PEDFA TAXABLE BOND PROGRAM – Tax-exempt and taxable bonds, both in pooled transactions and stand-alone transactions, to be used to finance land, building, equipment, working capital and refinancing. Loans no less than $400,000; up to 100 percent of project costs

PENNSYLVANIA SMALL BUSINESS CREDIT INITIATIVE: Designed to increase access to credit for small businesses. The Commonwealth will deploy Small Business Credit Initiative funds through existing DCED programs to partner organizations and the Machinery and Equipment Loan Fund (MELF). Uses include land and building acquisition, building renovation and new construction, machinery and equipment acquisition and installation, infrastructure and working capital. Loans are up to $5,000,000 and all types of businesses having 500 employees or less are eligible.

SMALL BUSINESS FIRST: Funding for small businesses, including low-interest loan financing for land and building acquisition and construction, machinery and equipment purchases and working capital. Loans are up to $200,000 or 50 percent of total eligible project costs, whichever is less; maximum loan amount for working capital is $100,000 or 50 percent of total eligible project costs, whichever is less.

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DE Statewide Economic Development Agencies

DE Utilities

DE Regional Economic Development Agencies

DE County Economic Development Agencies

DE City Economic Development Agencies

Delaware State Incentives

The state of Delaware takes a comprehensive approach in supporting businesses and entrepreneurs of all sizes and has special programs that play to Delaware’s strengths, including:

The DELAWARE STRATEGIC FUND: represents the primary funding source used by the Delaware Economic Development Office (DEDO) to provide customized financial assistance to businesses. For businesses considering locating in the State of Delaware, financial assistance may be provided in the form of low interest loans, convertible loans to grants, or other creative instruments to support the attraction of businesses hiring Delawareans.

SMALL BUSINESS INNOVATION RESEARCH (SBIR): The Delaware Strategic Fund represents the primary funding source used by for SBIR Bridge Grants. The SBIR Matching Grant program provides grants funds to businesses located in the State that have obtained a federal SBIR Grant.

BROWNFIELD GRANT PROGRAM: The Delaware Strategic Fund represents the primary funding source used for the Brownfield Grant program that helps reduce the capital expenditure of redeveloping a Brownfield site where at least five jobs will be created.

TAX CREDITS FROM NEW ECONOMY JOBS PROGRAM: Eligible businesses receive an initial 25 percent rebate on withholding taxes. To qualify, the business must add at least 50 new jobs, each of which must have an annual salary of at least $100,000. Participating businesses may receive a maximum rebate of up to 40 percent after 250 qualifying employees have been hired and the business operates within targeted growth zones, incorporated municipalities or former Brownfields. Qualifying firms are eligible for credits for a ten-year period.

TARGETED INDUSTRY TAX INCENTIVES: Businesses in targeted industries are eligible for tax credits of $400 for every $100,000 of capital investment, as well as $400 for every new job created. This credit can be used for a period of up to ten years. It requires a minimum capital investment of $100,000, which may not exceed 50 percent of annual pre-tax liability. Select commercial businesses may also qualify for a ten-year reduction in gross receipt taxes. Targeted industries include manufacturing, wholesaling, computer Processing, engineering, computer credit, aviation, telecommunications, laboratories and scientific research.

TARGETED LOCATION TAX INCENTIVES: Targeted industries (as defined above) that expand or relocate to targeted locations are eligible for corporate income tax credits of $650 for every $100,000 of capital investment, as well as $650 for every job created. This credit can be used for a period of up to ten years. Select commercial businesses may also qualify for a ten-year reduction in gross receipt taxes. Targeted locations include Targeted Census Tracts*, Government Owned Property, Foreign Trade Zones and Non-profit Owned Property for Economic Development

GREEN INDUSTRIES: Green manufacturers may be eligible for tax credits if they reduce chemical waste by 20 percent, reduce other waste by 50 percent, use 25 percent recycled materials in their manufacturing and take other steps to remove materials from Delaware’s solid waste stream.

BROWNFIELD TAX CREDITS: Businesses that develop property on former Brownfields and make more than a $100,000 capital investment are eligible for tax credits. Brownfields in targeted locations are eligible for a $900 credit for every $100,000 of capital investment and $900 for every job created. Those in non-targeted areas are eligible for a $400 credit for every $100,000 of capital investment and $400 for every job created.

PUBLIC UTILITY TAX REBATES: Tax Credits are available for a rebate of 50 percent of the public utilities tax imposed on new or increased consumption of gas and electricity for five years. The public utilities tax rate is 4.25 percent. The utility tax on the consumption of electric by licensed manufacturers and food or agribusiness processors is reduced to 2 percent. Additionally, electricity consumed in the manufacturing of automobiles is exempt from utility taxes.

BUSINESS FINDERS FEE (BFF): Existing Delaware companies that successfully recruit other companies to the state are eligible for a tax credit of $500 for each new job that the new company brings. This is an innovative new program that will help strengthen local supply networks and sectors.

LIMITED INVESTMENT FOR FINANCIAL TRACTION (LIFT): This loan program allows participating small businesses to defer interest payments on their line of credit for a two-year period. Eligible businesses must meet the following requirements:
· Have been in business for at least three years
· Have an existing line of credit with a Delaware commercial bank
· Have between 3 – 50 employees

SMALL BUSINESS ENERGY AND FACILITIES REVOLVING FUND: Created by a $500,000 grant from the U.S. Department of Commerce and matched with funds from the Delaware Strategic Fund, this fund provides loans at market or below-market interest rates to businesses that will create or retain jobs in industries that promote energy efficiency or recycling.

TAX-EXEMPT FINANCING: The Delaware Economic Development Authority (DEDA) provides statewide financial assistance to new or expanding businesses, governmental units and certain organizations that are exempt from federal income taxation (collectively, “assisted persons”) by issuing tax-exempt bonds and lending the proceeds of such bonds to these assisted persons. Tax-exempt bonds bear lower interest rates than comparable taxable bonds, because the interest paid to bond holders is exempt from federal and Delaware income taxes. DEDA is able to pass on this lower interest rate to the assisted persons. DEDA does not guarantee the payment of principal or interest on the bonds, and the bonds are not backed by the full faith and credit of the State. Tax exempt financing may be cost effective for projects involving the issuance of more than $1,250,000.

DELAWARE ACCESS PROGRAM: Designed to give banks a flexible and extremely non-bureaucratic tool to make business loans that are somewhat riskier than a conventional bank loan, in a manner consistent with safety and soundness. It is designed to use a small amount of public resources to generate a large amount of private bank financing, thus providing access to bank financing for many Delaware businesses that might otherwise not be able to obtain such access. Based on a risk-pooling concept, the approach is fundamentally different from the traditional type of insurance or guarantee program, such as the Federal Small Business Administration 7(a) Program, which guarantees a percentage of a loan on a loan-by-loan basis. When a bank makes a loan under the Program, the borrower pays a one-time premium charge, which is matched by a bank premium payment. DEDA then matches the combined total of the borrower’s payment and the bank’s payment. The borrower’s premium is one of the terms of the loan to be worked out privately between the bank and the borrower.

BLUE COLLAR TRAINING GRANT: Available to help Delaware businesses provide customized training programs to upgrade and/or retrain their employees and provide financial assistance to full time employees.

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