N.J. job-growth effort already out of money
Tax Credit program for businesses in areas that
have high unemployment rates.
■ “Recovery Zone” bonds for businesses
located in specially designated areas; and $150
After 10 weeks, EDA initiative has exhausted its $120M budget stimulus program know as the American million in federal money is going to the state
Recovery and Reinvestment Act. “It’s not direct and municipalities for economic development.
BY SCOTT GOLDSTEIN geted for the job creation program and the $70 grant money,” she said. “It’s tax credits and Changes in the federal tax code, under the
TRENTON — A 10-week-old state program that million budgeted for capital investment rebates. cheaper forms of borrowing for business.” stimulus, include allowing businesses to take a
gives cash incentives to companies that create But the EDA is still accepting applications It includes: deduction on capital investments, said James
jobs or make capital investments has been so for a waiting list in case the initial applications ■ Technology and life sciences manufac- B. Evans Jr., an accountant and a lawyer at the
popular, it has already run out of money. And don’t qualify; that list has 105 applications, the turing firms will be able to issue tax-exempt Haddonfield law firm Kulzer & DiPadova. It
the governor is not expected to add funds — at EDA said. “We’re not discouraging applications,” bonds, like traditional manufacturing compa- also allows for businesses to carry back annual
least, not yet. Franzini said. “We are still open for business.” nies can. “This allows them to borrow cheaper,” losses to profitable years in the previous two to
The program, which gives $3,000 grants to Franzini, meanwhile, also discussed some Franzini said. five years, Evans said. ◆
companies that create new jobs and 7 percent of the benefits for businesses under the federal ■ Another $150 million for the New Markets E-mail to email@example.com
rebates to firms that make capital investments,
has reached its limit of $120 million the state
budgeted for it in December.
“It says a lot about demand for this new
program,” said Caren Franzini, chief execu-
tive officer of the New Jersey Economic
Development Authority, which is managing
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EDA established an online application for
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received more than 820 applications — 105
more than its budget called for, the agency said.
Roma Bank, a 13-branch bank based in the
Robbinsville section of Washington Township, is
among the companies that has applied for the
$3,000 job-creation grants. Barry Zadworny, Let our Small Business Specialists show you how you can do more with email and save.
senior vice president, said the bank could hire up
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and we will go ahead with new hires.”
The program, called InvestNJ, is budget-
ed to generate 16,666 jobs, the EDA said. And
it is budgeted to spark roughly $1 billion in
capital investment. The grants and tax rebates
will not be granted until applicants meet all
“Word on this program
spread like wildfire.”
Arthur Maurice, lobbyist for the New Jersey
Business & Industry Association
requirements — including retaining new
workers for at least one year, and fully funding BlackBerry 8830 BlackBerry CurveTM BlackBerry StormTM BlackBerry PearlTM