New Jersey is committed to helping businesses prosper and grow. As part of that commitment, Governor Chris Christie and Lieutenant Governor Kim Guadagno created the Partnership for Action in 2010 to consolidate the state’s economic development efforts into a single body. The New Jersey Partnership for Action supports the vital role business plays in advancing the state’s economy and creating jobs.

Led by Lt. Governor Guadagno, the PFA is a public-private approach to economic development and the starting point for all initiatives, policies and efforts to grow New Jersey’s economy and create quality, sustainable jobs in our communities.

The four elements of the PFA include the New Jersey Business Action Center (BAC), which applies a proactive, customer-oriented approach to businesses’ interactions with State government; the EDA, serving as the state’s financing arm; Choose New Jersey, a privately funded non-profit organisation that markets the state as an ideal location for business investment; and the Office of the Secretary of Higher Education, which coordinates, plans, and develops policies, and advocates for the state’s higher education system.

Under BAC, New Jersey offers an array of international trade resources to encourage foreign investment, including a one-stop assistance programme for New Jersey companies interested in expanding their business to international markets.

FINANCING & INCENTIVES
The New Jersey Economic Opportunity Act (EOA) of 2013 was signed into law on 18th September 2013 and recently enhanced in October 2014 to further strengthen New Jersey’s ability to attract and retain companies. The Act streamlines New Jersey’s five existing economic development incentive programmes into two; the Grow New Jersey Assistance (Grow NJ) Program will be the state’s main job creation and retention incentive programme and the Economic Redevelopment and Growth (ERG) Program will be New Jersey’s key developer incentive programme. The Grow NJ Program provides grants of corporate business tax credits to business creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified business facility.

Base tax credits under the Grow NJ Program range from $500 to $5000 per job, per year with bonus credits ranging from $250 to $3000 per job, per year. Grow NJ replaces the Business Employment Incentive Program (BEIP) and the Business Retention and Relocation Assistance Grant (BRRAG) Program as New Jersey’s main job creation and retention incentive programme.

The ERG Program is an incentive for developers and businesses to address revenue gaps in development projects. ERG reimburses up to 75 per cent of the incremental revenues attributed to the project to provide funding of up to 20 per cent of the total project cost, with bonuses of up to 20 per cent available to encourage targeted development goals.

STRATEGIC ADVANTAGES
New Jersey adjoins New York City and Philadelphia, and is halfway between Boston and Washington, DC. Over 100 million consumers with a collective purchasing power of $2 trillion are within a 24-hour drive of the state. With the Port of New York and New Jersey as the largest facility of its kind on the eastern seaboard, and the South Jersey Port on the Delaware River, the state also serves as a gateway for international trade.

To reach markets across the state, the nation and the world quickly and efficiently, New Jersey businesses take advantage of one of the best transportation, warehousing and highway connectivity networks in the United States. Within the state, New Jersey has a workforce that is one of the most well-educated and diverse in the nation. More than 1.7 million residents hold college degrees in a state where 57 colleges, universities and technology schools educate the workforce. New Jersey is committed to continually strengthening this workforce, evidenced by over $225 million awarded to state businesses to train their workers between 2003 and 2010.

In addition to New Jersey’s strategic location and talented workforce, the state offers exceptional variety for all who live and work here. New Jersey is not only one of the top-ranked states on a number of educational measures, but is also home to a world-class healthcare system. In addition, the state is proud of an extraordinary range of cultural institutions. The 130 miles of beach, Atlantic City’s casinos, great shopping and an extraordinary park and forest system also help consistently push New Jersey to the top of quality of life rankings.