ABOUT THE ECONOMIC RECOVERY ACT

Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020 (ERA) into law on January 7, 2021. The ERA creates a package of tax incentive, financing, and grant programs that will address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy.

Programs outlined in the law include:

  • Tax credits to incentivize job creation and capital investment;
  • Investment tools to support and strengthen New Jersey’s innovation economy;
  • Tax credits to strengthen New Jersey’s communities including revitalization of brownfields and preservation of historic properties;
  • Financial resources for small businesses, including those impacted by the COVID-19 pandemic;
  • Support for new supermarkets and healthy food retailers in food desert communities;
  • Additional tax credits for film and digital media.

FOR THE COMPLETE ARTICLE and LINKS TO INDIVIDUAL ECONOMIC RECOVERY ACTS PROGRAMS:  New Jersey Economic Recovery Act – NJEDA

Economic Recovery Acts Programs include :

  • Angel Investor Tax Credit Program (ERA-update)
  • Aspire Program (NEW)
  • Brownfield Redevelopment Incentive (NEW)
  • Community-Anchored Development Program (NEW)
  • Economic Redevelopment and Growth (ERG) (ERA-update)
  • Emerge Program (NEW)
  • Food Desert Relief Program (NEW)
  • Grow NJ (ERA-update)
  • Historic Property Reinvestment Program (NEW)
  • Main Street Recovery Finance Program (NEW)
  • Net Operating Loss (NOL) Program (ERA-update)
  • NJ Film & Digital Media Tax Credit Program (ERA-update)
  • NJ Ignite (ERA-update)
  • NJ Innovation Evergreen Fund (NEW)
  • Offshore Wind Tax Credit (ERA-update)
  • Personal Protective Equipment (“PPE”) Manufacturing Tax Credit (NEW)