Poll: Where Do You Come Down on New Jersey's Economic Opportunity Act?
The Economic Opportunity Act is all about making NJ more business-friendly, but can it count you among its friends?
Basically, the Economic Opportunity Act is an overhaul of New Jersey tax incentives for businesses.
The bill is designed to provide financial incentive to companies that create growth and jobs, as well as preserve existing ones. Some of the highlights include expanding the geographic areas throughout the state that are eligible for incentive programs, while still preserving targeted incentives for urban communities. It also makes more money available to rural and suburban communities and offers different thresholds to South Jersey in order to encourage development in that part of the state. It further provides special incentives to the counties hardest hit by Sandy.
It also lowers some of the barriers to entry for doing business in New Jersey -- reducing, for example, the number of full-time employees a company must promise for its payroll before receiving tax incentives.
The act also offers special incentives to specific high-growth industries and those adhering to green-design standards And for the first time, it distinguishes between companies looking to relocate within New Jersey and those moving into the state for the first time.
Those are the basic facts. The question?