This bill requires New Jersey's Business Action Center to create a two-year "Entrepreneur Learner's Permit Pilot Program" that reimburses first-time entrepreneurs for state filing, permitting, or licensing fees when starting businesses in designated industries like biotechnology, financial services, and environmental technology. The program prioritizes women-owned and minority-owned businesses and limits total reimbursements to $500,000 annually. It mandates the Business Action Center to establish eligibility criteria, administer the program, and submit a report evaluating its effectiveness - including business formation rates, economic impact, and participant feedback - by the second fiscal year. The pilot program is designed to lower startup costs for new business owners in targeted sectors without altering existing state regulations.
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Small Business
This bill provides tax credits to New Jersey-based small businesses during their first three years of operation. It directly affects qualifying startups that are registered in New Jersey, maintain most operations within the state, have no more than 50 employees, and earn under $100,000 net income in their first taxable year. The credit reduces the business's gross income tax liability by 75% in year one, 50% in year two, and 25% in year three. Businesses must apply for approval from the state director to claim these credits, ensuring they aren't using the credit to offset taxes from other unrelated businesses.
This bill provides tax credits to small business employers (under 25 employees and $1 million annual revenue) and farm employers in New Jersey for increased costs of mandatory insurance. Specifically, it credits businesses for the difference between their current-year expenses on workers' compensation, temporary disability, and unemployment insurance versus what they paid in the prior year. The credit is capped at $12,000 annually per business and applies to both corporation business tax and gross income tax filings. The program runs from 2020 through 2029, helping qualifying small employers offset rising insurance costs.
This bill creates a 1% tax credit for New Jersey corporations that pay small New Jersey businesses for subcontracted work performed within the state. A "small business" is defined as a New Jersey entity with fewer than 50 employees that is not affiliated with the paying corporation. The credit applies to payments made for work the corporation subcontracts to fulfill its own contracted duties, but cannot exceed 50% of the corporation’s tax liability or reduce the tax below the statutory minimum. The credit applies to privilege periods beginning after the bill’s enactment.
This bill creates the Main Street Economic Growth Program to support business development in New Jersey's small, highly developed municipalities (those with under 11,000 residents and over 70% developed land). It authorizes the state Economic Development Authority to provide loans, loan guarantees, tax credits, and technical assistance to businesses operating in designated Main Street areas within these municipalities. Municipalities can formally designate such areas through local ordinances that outline plans for economic improvement, including updating zoning or attracting private investment. The program targets towns facing unique growth barriers that exclude them from standard state business assistance programs.
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Economic Development
Small Business
This bill creates a new exclusion from New Jersey's gross income tax and corporation business tax for certain small business income. It directly affects qualifying small businesses by allowing them to exclude specific income from their taxable base under these two tax codes. The key mechanism establishes a defined exclusion for small business income while revising statutory definitions related to tax calculations, such as "net worth" and "taxpayer." The bill does not specify exact income thresholds but provides the framework for excluding qualifying small business revenue from state taxation.
This bill creates the Main Street Economic Growth Program to provide financial support to small towns in New Jersey. It directly affects municipalities with under 11,000 residents (that are county seats, contain federal opportunity zones, or are over 70% developed) and businesses operating in their designated "Main Street areas." The program will offer loans, loan guarantees, tax credits, and technical assistance to local businesses within these designated zones to encourage growth. The New Jersey Economic Development Authority will administer the program, with towns needing to formally designate Main Street areas through ordinances before businesses can access the support.
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Economic Development
Small Business
This bill (S 715) creates a "Small Business Interruption Grant Program" administered by New Jersey's Economic Development Authority (EDA). It provides grants to small businesses (defined as independently owned, employing fewer than 10 people with under $1.5 million in annual revenue) that suffer extended closures (over one month) due to state or public entity infrastructure or construction projects. The EDA would determine grant amounts based on the business’s operating expenses during the closure, funded by contributions from project entities (0-5% of the project’s estimated cost). Businesses must apply through the EDA, demonstrating eligibility under the defined criteria.
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Small Business
S 2422 requires 7% of funds from New Jersey's Main Street Recovery Fund to be allocated specifically for grants to veteran-owned and service-disabled veteran small businesses. These grants can cover capital improvements or operating expenses for eligible businesses meeting standard program requirements like tax compliance and minimum wage standards. The bill amends existing law to mandate this dedicated funding stream, defining eligible businesses as those owned and controlled by veterans per federal standards (15 U.S.C. §632(q)). It does not change other eligibility rules but ensures a set portion of recovery funds directly supports veteran entrepreneurs.
This New Jersey bill (S 1853) provides tax credits to small business employers (fewer than 25 employees, under $1 million annual revenue) and farm employers for increased mandatory insurance costs. It allows a credit equal to the difference between current-year costs for workers' compensation, disability, and unemployment insurance versus the prior year’s costs for the same employees/wages, capped at $12,000 annually. The credit applies to corporation business tax and gross income tax filings for tax periods starting January 1, 2020, through December 31, 2029. Businesses cannot use the same costs for other tax credits or incentives during overlapping periods.
