TRENTON – The Senate Tourism and Wagering Committee released bill S1324, which would create a new tax credit program for development within Atlantic City that doesn’t include casinos or other gaming facilities.
Under the bill, non-gaming properties located in the Atlantic City Tourism district would be eligible for tax credits from the New Jersey Economic Development Authority when they expand and employ more state residents.
Those businesses that invest $20 million in capital projects and employ at least 100 individuals may qualify for tax credits equal to 10 percent of the capital investment, for each of 10 years following the investment, leveraged against the business’s corporate tax liability or insurance premium tax liability.
“While casino gaming is a big part of Atlantic City’s economy, the appeal of the city is so much more than just casinos,” Sen. Jim Whelan, (D-2), Atlantic City said in a statement. “In recent years, there has been substantial investment in non-gaming development within the city, to make Atlantic City a true destination resort, rather than just a gaming destination.”
Republican Senators Sam Thompson, (R-11), of Old Bridge and Sen. Dawn Addiego, (R-8), of Evesham abstained from the vote.
Sens. Barbara Buono, (D-18), Metuchen and Shirley Turner, (D-15), Lawrence supported it.