New Jersey lawmakers recently introduced a proposal to rethink and rework two economic incentive programs that affect business owners in the state. The Urban Transit Hub Tax Credit and the Economic Redevelopment and Growth program have been very successful and popular among business owners but may be changing.
According to New jersey Future, a Trenton-based nonprofit organization based on smart growth, both of these programs are important because they have location-based criteria that encourage business owners to conduct business in parts of New Jersey that have the sound infrastructure to support business.
New Jersey is attractive to businesses because it has a great location, a strong, educated workforce and a business-friendly climate. However, in a small state like ours it is important that businesses are set up intelligently to make the best use of limited space and resources and to allow different areas of the state to thrive.
Reworking incentive programs to reflect the realities f the tax code and the business climate are important, but it is also essential to preserve growth strategies that consider business location and the impacts on the surrounding community.
If you are considering starting up a business in New Jersey, it can seem daunting. In addition to finding space for your business, recruiting talented employees and filing the correct documents or incorporation, you need to be familiar with state and federal laws and regulations governing employment, taxes and other issues.
Consider enlisting the help of an experienced business law attorney. They can work with you from the outset to make sure that your business starts off on sound legal footing, protecting your personal and financial interests to help make sure you are in compliance and set up for success.
Source: The Star-Ledger, “When luring business, location matters – as do state incentives,” Peter Kasabach, Jan. 13, 2013
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