Tax Credits Help New Jersey Manufacturers Create Jobs

Three manufacturing projects expected to create a total of 390 jobs have been approved to receive tax credits under the Grow New Jersey Program.


https://businessfacilities.com/2016/12/tax-credits-help-new-jersey-manufacturers-create-jobs/
Three manufacturing projects expected to create a total of 390 jobs have been approved to receive tax credits under the Grow New Jersey Program.
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Tax Credits Help New Jersey Manufacturers Create Jobs

Three manufacturing projects expected to create a total of 390 jobs have been approved to receive tax credits under the Grow New Jersey Program.

Tax Credits Help New Jersey Manufacturers Create Jobs

Three manufacturing projects expected to create a total of 390 new jobs have been approved by the Board of the New Jersey Economic Development Authority (EDA) for tax credits under the Grow New Jersey (Grow NJ) Program. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the state’s main job creation and retention incentive program.

New Jersey tax credits
Photo: Cyalume Specialty Products Inc.

“Manufacturing is one of several key industries targeted for growth under the EOA,” said EDA Chief Executive Officer Melissa Orsen. “Manufacturers are particularly important to the state’s economy for the career opportunities they offer, but also for the trade activity they spur and the important goods they provide that fuel other industries.”

Under the Grow NJ program, projects in targeted industries are eligible for “per job” bonuses. More than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector, according to Orsen. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.

In Passaic County, Vitaquest International LLC, a custom contract manufacturer of nutritional supplements, is expanding its assembly and packing capabilities by moving to a 79,650-square-foot facility in Paterson where it will invest more than $4.1 million. The expansion in Paterson would result in the creation of 100 new jobs and retention of 110 jobs at risk of leaving the state for Rochester, NY.

Cascades Containerboard Packaging, a manufacturer of containerboard and corrugated paper products, is considering constructing a state-of-the-art facility in Union County, in the city of Elizabeth, Union County, or Newtown, CT. The project is expected to create 182 new jobs, and is associated with private investment of more than $116 million.

In Somerset County, Cyalume Specialty Products Inc., may expand in Franklin Township, where it would invest $4.5 million to renovate a 44,392-square-foot facility, or relocate to a company-owned facility in West Springfield, MA. If it chooses Franklin Township, the manufacturer of specialty chemical products for the pharmaceutical, medical products and cosmetics markets expects to create 10 new jobs and retain 27 at risk of leaving the state.

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 Kim 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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