Governor signs job-creation grant legislation

| 16 Feb 2017 | 03:36

    Legislation sponsored by Sen. Steve Oroho and Assemblyman Parker Space enabling qualifying businesses to get a refund for the excess portion of their Business Employment Incentive Program tax credit was signed today by Gov. Chris Christie.
    “These businesses signed agreements with the state under BEIP to move or expand here with the understanding that they would receive those grants,” said Oroho. “We’ve already passed legislation that allows them to convert their grants into tax credits, but this now gives insurance companies the same opportunities that other businesses have to get a refund on those credits.”
    “These are grants earned by companies for creating jobs and putting New Jersey residents to work,” said Space (R—Sussex, Warren, Morris). “If they are meeting expectations and hiring new employees, they should benefit from all of the money they have earned through BEIP. They can invest the refund in more growth and new jobs.”
    A business paying the corporation business tax can convert their BEIP grants to tax credits and receive a refund if the credit exceeds their liability, while businesses paying the insurance premium tax cannot get that refund. The new law treats insurance premium tax-paying businesses the same as CBT-paying businesses, with both able to get refunds.