M id A tlantic Real Estate Journal — Central New Jersey — February 2025 — 13A
www.marej.com
C entral N ew J ersey
Companies may qualify for up to $500,000 in incentives NJ launches NJ RISE Program to incentivize companies to bring NJ employees back home
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den State, and the NJ RISE program will help incentiv- ize companies to reassign their New Jersey employees back to their home state and increase their business activ- ity in the state,” said NJEDA CEO Tim Sullivan . “In addition to saving time and money for commuters, NJ RISE will bolster the state’s tax revenue, increase eco- nomic activity, and grow a stronger and fairer economy for New Jersey’s commuters and families.” NJ RISE’s goal is to in-
crease New Jersey’s Gross Income Tax Withholdings by encouraging eligible busi- nesses to re-assign their out of state New Jersey resident employees to New Jersey by issuing an incentive based upon on the employees’ with- holdings. NJ RISE is a $20 million pilot program that will provide grants to busi- nesses principally located out of state that re-assign New Jersey residents cur- rently assigned to work in a state that employs the “convenience of employer”
income taxation rule to work in a New Jersey location. The grant is equal to the amount of New Jersey Gross Income Tax withholdings of the re- assigned resident employ- ees during one tax year of the business, not to exceed $500,000 in the aggregate per business. About the NJEDA The New Jersey Econom- ic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New
Jersey a national model for inclusive and sustainable eco- nomic development by focusing on key strategies to help build strong and dynamic communi- ties, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through part- nerships with a diverse range of stakeholders, the NJEDA creates and implements initia- tives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. MAREJ
RENTON, NJ — The New Jersey Eco - nomic Development
Authority (NJEDA) has launched a marketing campaign to promote in- centives de- signed to en- courage New York-based companies
Tim Sullivan
with New Jersey employees to open New Jersey offices or allow those employees to work from home. New Jersey Re- assigning In-State Employees Program (NJ RISE), admin- istered by the NJEDA, will provide grants to businesses who re-assign New Jersey residents working in another state (such as New York) to a New Jersey location. The program will allow employ- ees to work closer to home, shortening their commute, and returning New Jerseyans’ tax dollars to the state. “From the beginning, I vowed to fight congestion pricing, because New York should not balance its budget on the backs of New Jersey families,” said Governor Phil Murphy . “Back in 2023, I signed legislation establish- ing a grant program that would incentivize businesses in states like New York to reassign their New Jersey resident employees to work in our state. This would not only cut down on costs and travel time for commuters, but would keep their tax dol- lars in New Jersey. Our fight against congestion pricing isn’t over and we won’t allow another state to line its coffers with our hard-earned money.” The first billboards pro- moting NJ RISE to commut- ers appeared, at the 39th St. entrance to the Lincoln Tun - nel, on the West Side Hwy. at West 155th St., and on the Cross Bronx Expressway, targeting vehicles heading towards I-87/ Major Deegan Expressway or crossing over the George Washington Bridge into New Jersey. Ad- ditional billboards will follow in New York and Northern New Jersey, complemented by taxi top banners, digital and social media ads, and transit posters. “Governor Murphy has been committed to bringing more businesses to the Gar-
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