On December 9, 2008, Governor Jon Corzine signed into law bill S6, the “InvestNJ Business Grant Program Act.” This law provides for both capital investment grants, and grants for certain new hires.
Under the Act’s capital investment grant provision, the state will reimburse businesses (with more than five employees that have been operating for two or more years) for seven percent of their repair/renovation expenses incurred prior to January 1, 2011. Eligible “capital investments” include site preparation, construction, renovations and obtaining machinery in the amount of $5,000 or more. Under the Act’s job creation program, the state will provide grants of $3,000 per new hire to businesses (with more than five employees that have been operating for two or more years) that create full-time jobs, and retain those hires for at least one year. Businesses must provide health benefits to all applicable employees.
Note: This article was published in the January 2009 issue of the New Jersey eAuthority.