TAX CREDITS

High Wage Jobs Tax Credit:  Refundable corporate income tax credit equal to 10% of wages and benefits paid for each job created and retained for a 48-week period.  The position must have an annual salary of at least 40,000 (project located in community with fewer than 40,000 residents) or $60,000 (project located in community with more than 40,000 residents) to qualify for the incentive.  The credit can be taken for 4 years and the amount of credit claimed each year cannot exceed $12,000 per job.

Rural Jobs Tax Credit:  Non-refundable corporate income tax credits equal to $1,000 per job, per year are available to manufacturers that locate in rural communities.  Credits may be claimed for 2 or 4 years depending on the tier of the county.  Unused credits may be carried forward for up to 3 years.

Investment Tax Credit for Manufacturers: Non-refundable corporate income credit equal to 5.125% of the value of qualified equipment.

GRANTS

LEDA Grants: The Local Economic Development Act (LEDA) allows municipalities in conjunction with the State to award discretionary cash grants to support infrastructure development and business attraction efforts that are consistent with local and regional economic development plans.

JOB TRAINING

Job Training Incentive Program (JTIP):  Provides reimbursable grants to cover training costs for newly created jobs. Reimbursements range from 50%-80% of employee wages and travel expenses.

 

Last updated: April 2016

 


 
BIGGINS LACY SHAPIRO & COMPANY
PRINCETON
47 Hulfish Street, Suite 320
Princeton, NJ 08542
(609) 924-9775
NEW YORK
215 Park Ave South
New York, NY 10003
(646) 652-7555
CHICAGO
30 S. Wacker, Suite 2200
Chicago, IL 60606
(312) 924-2490