Emerge Program: This job creation program offers refundable or transferable tax credits against corporate income and insurance premium taxes to companies that create and/or retain jobs. Tax credits are awarded on a per-job basis and can range from a base amount of $500 per job, per year to a base amount of $4,000 per job, per year for a period of up to 7 years (i.e., $3,500 to $56,000 per job over 7 years). In addition to the base amount, most businesses are eligible for potential bonus awards based on a number of factors – e.g. industry sector, wages and capital investment, the number of jobs created or retained, project location (including urban locations and proximity to public transportation) and other variables. Retained jobs receive a reduced award versus new jobs under the program.  

The minimum number of new jobs required to be eligible varies with industry and type of project. For example, a small company in a targeted industry must grow its workforce by 25%, while other businesses in one of New Jersey’s targeted industry sectors would need at least 25 jobs. All other businesses must create at least 35 new jobs to qualify for the program. Projects to retain jobs must maintain at least 500 jobs if located in one of the state’s more economically distressed urban areas (called Government-restricted Municipalities (GRMs) or qualified incentive tracts (QITs) or maintain 1,000 jobs if located in any other eligible location in the state. There also are minimum capital investment thresholds which vary based on the type of project and are lower for renovations versus new construction projects. Certain minimum “green building” design standards, prevailing wage for construction workers, and other requirements also apply.

Aspire Program: A developer that can demonstrate that its project requires a subsidy in order to close a “project financing gap” may apply for a transferable tax credit, against corporate income and insurance premium taxes, limited to the amount necessary to close the project financing gap and in an amount up to 45-50% of the project cost over up to a 10-year period, up to a maximum award amount of $42-60 million, depending on the project location. To incentivize creation of additional affordable housing, a residential project that applies jointly for Low Income Housing Tax Credit and Aspire may be approved for an elevated award of up to 60% of project costs.   Projects that meet certain criteria may qualify as “transformative” which grants access to elevated maximum award amounts of up to $350 million per project and additional features necessary for the completion of large scale development projects This is a discretionary program.