Senate Economic Growth committee releases bill expanding Urban Transit Hub, Grow New Jersey tax credits

TRENTON – The Senate Economic Growth Committee released bill S1562, which increases the maximum amount of Urban Transit Hub tax credits, from $1.5 billion to $2.5 billion, and the maximum amount of “Grow New Jersey” tax credits from $200 million to $400 million.

“We want to make sure we don’t stifle its success,” said Sen. Ray Lesniak, who sponsored the bill.

New Jersey Future supports the bill, saying it has helped turn around many urban communities.

Qualifying businesses must have made at least $50 million in capital investments, and have at least 250 full-time employees. Businesses could not receive the credits if they receive other grants, such as the Business Employment Incentive Grant.

Senate Economic Growth committee releases bill expanding Urban Transit Hub, Grow New Jersey tax credits