STATE AND LOCAL TAX SERVICES

GROW New Jersey

Application and Compliance

We help companies apply for and obtain approval of GROW New Jersey credits. Further, we also help companies already approved for the credit provide the complex documentation required to realize benefits from the credits.

The GROW New Jersey program offered through the state of New Jersey is a 10-year tax credit, up to $18,000 per job per year for qualifying businesses that are creating or retaining jobs in the state. The credits can be taken against corporate income tax liability or insurance premium tax liability, and can be sold at up to 90% of the credit amount.

Qualifying businesses are businesses in targeted industries, including transportation, manufacturing, defense, energy, logistics, life sciences, technology, health, finance, and other businesses/industries.

Job creation and investment requirements vary by location and industry, but can be as low as 10 new jobs, 25 retained jobs (if retention only), and $20 per square foot of Gross Leasable Area.

We Provide GROW New Jersey Compliance Services

Compliance for the GROW New Jersey program is extremely complex - add to that a highly critical recent audit of the program which will result in more stringent documentation and oversight by the state. We provide the compliance services required to successfully claim your GROW NJ award, including a CPA firm fixed asset expenditures attestation.

GROW NJ program application and negotiations are often led by corporate real estate and/or third-party brokerage firms that do not provide the annual compliance related services required by NJ. Once the award is granted, you will need a CPA firm to provide the Grow NJ asset Attestation report. And you will need the reporting completed for new job growth/wages. We fill that gap by transitioning seamlessly from your corporate real estate team and/or third-party brokerage firm to provide affordable compliance services so that you are in the best position to realize the cash benefits from your GROW NJ award.

Our Approach to the GROW New Jersey Program

If you’ve considered relocating from NJ or are planning an expansion, we will help you apply for an receive a GROW NJ Credit.

I. Assessment

In the assessment phase, we work with your team to understand the project details and drivers and perform a feasibility analysis to determine if your project would be a good candidate for the GROW New Jersey program. We will be candid with you about whether your project is a good candidate - the application process is time intensive and we will only suggest moving forward if it is a realistic opportunity for you.

II. Application

We handle every step of the application process for you, starting with collecting all the information necessary to present to NJEDA. NJEDA has a detailed application process and we assist with the quantitative and qualitative information required to apply for the GROW New Jersey program. Part of the application phase includes a cost-benefit analysis. New Jersey has strict requirements surrounding Green Building, Affirmative Action, and Prevailing Wage. We will perform an analysis to determine if the program benefits will outweigh these added costs during construction.

III. Negotiation

NJEDA will review a variety of factors in determining the amount of the GROW NJ award and terms associated with the award. We assist with the presentation of credible data and supporting documentation for the application. We thoroughly review any proposed incentives agreement and work with NJEDA to come up with an agreement that supports your project and business needs. We prepare you for, and attend, any public meetings that may be required, and we manage the execution of all final agreements and paperwork.

IV. Compliance

The compliance phase lasts the full term of the GROW NJ agreement, including an up-front certification that job creation and investment requirements have been met, as well as annual reporting on eligible job creation. The complex compliance requirements often result in companies losing part or all of the award to which they are entitled. We specialize in making sure you realize your full benefit amount by proactively monitoring your progress against these job creation and investment requirements.

Our job is to monitor progress, collect and present the data to NJEDA in a way that maximizes your incentive award. If we see any indications along the way that you may not meet project thresholds, we proactively reach out to NJEDA to renegotiate your award or extend your compliance deadlines.

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Contact Margaret Riter (Manager, NY)

to learn more about how Think LLP can help with your New Jersey relocation or expansion project at (585) 746-9050 or mriter@thinkllp.com


Contact us to learn more

Phone: (585) 746-9050