According to a September news release from Assembly Democrats, the legislation, bill A2223, would establish the “Main Street Economic Growth Program” in the New Jersey Economic Development Authority to provide financial and technical assistance to a business in a Main Street area within a small municipality. The bill hopes to encourage business development in small municipalities with substantially developed commercial areas.
The bill would authorize the governing body of a municipality having a population of less than 10,000 that is more than 70 percent developed to designate a “Main Street area” in the municipality.
The bill provides corporation business tax credits and gross income tax credits for businesses located in the municipality’s Main Street area that meet the criteria and participate in the program as determined by the EDA.
For a business to be eligible to receive financial and technical assistance under the program, at least 25 percent of full-time employees of the business must reside within the municipality.
The bill has been reported out of the Assembly Economic Development and Appropriations committees with amendments. The companion Senate bill, S892, was voted out of the Senate Economic Growth Committee and referred to the Appropriations Committee in February.