Grow NJ Tax Credits Approved For Manufacturing, Tech, Finance Companies

The approved projects are expected to result in the creation of 900 new jobs and more than $27 million in investment in New Jersey in key industry sectors.


https://businessfacilities.com/2016/09/grow-nj-tax-credits-approved-for-manufacturing-tech-finance-companies/
The approved projects are expected to result in the creation of 900 new jobs and more than $27 million in investment in New Jersey in key industry sectors.
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Grow NJ Tax Credits Approved For Manufacturing, Tech, Finance Companies

The approved projects are expected to result in the creation of 900 new jobs and more than $27 million in investment in New Jersey in key industry sectors.

Grow NJ Tax Credits Approved For Manufacturing, Tech, Finance Companies

Six companies expected to create 900 new jobs and invest more than $27 million in New Jersey have been approved for Grow New Jersey (Grow NJ) tax credits the Board of the New Jersey Economic Development Authority (EDA). The companies represent key industry sectors for the state, and include manufacturing, technology and finance.

New Jersey“Action taken by the EDA Board today demonstrates how the Grow NJ program is driving job creation and private investment in key industry sectors,” said EDA Chief Executive Officer Melissa Orsen. “Companies seeking skilled workers are drawn to New Jersey for its educated, talented workforce, proximity to major cities and unmatched access to international travel.”

Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry. In addition to the sectors highlighted by the most recent tax credits, other targeted sectors under the EOA include life sciences and logistics.

Among those approved are two manufacturers, New York Popular, a New York-based apparel company, which is considering expanding and renovating a 55,000-square-foot industrial building in Carteret, bringing with it 150 new jobs. The alternative would be a location in Norfolk, VA. Pink Sparrow Scenic, a manufacturer of customized fabrications for retailers, art installations, and advertising, is considering purchasing a 16,000-square-foot location in Jersey City, which would be home to 40 employees. The company is also considering a location in Brooklyn, NY.

Grow NJ tax credits were also approved for Freedom Mortgage Corporation, a full-service national mortgage lender which plans to expand its workforce by 350. The company has identified a 32,200-square-foot building in Evesham; alternatively, it would choose to expand at an existing company location in Pennsylvania.

In the technology sector, global financial software systems and services company Fidessa Corporation is considering choosing a 51,824-square-foot location in Jersey City over expanding at existing company facilities in New York and Chicago. The project is expected to create 340 new jobs.

Another international company approved for Grow NJ tax credits, Doka USA Ltd., is a subsidiary of an Austria-based corporation engaged in the sale and rental of concrete formwork and related services to contractors. The company, which plans to expand its existing workforce of 112 by 44 new jobs, is considering relocating to Wallington or Middletown, NY.

Also approved is warehouse material handling company W&H Systems, which has identified a 48,000-square-foot facility in Bloomfield, where it would create 52 new jobs and retain 97 jobs at risk of leaving the state for an alternate location in Pennsylvania.

The Business Action Center (BAC) worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support. As a performance-based program, approved Grow NJ projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.

The EDA and BAC are part of the state’s results-driven Partnership for Action. Created by Governor Chris Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: BAC, Choose New Jersey, the Office of the Secretary of Higher Education and the EDA.

Relocating or Expanding Your Business In New Jersey

Considering New Jersey for your company’s relocation or expansion project? Check out Business Facilities’ New Jersey Incentives and Workforce Development Guide.

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