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Murphy Administration Unveils Economic Development Master Plan

Oct 08, 2018

Early this week, Governor Phil Murphy introduced a new economic master plan for New Jersey with several elements that focus on job creation and expanding the State’s transportation infrastructure. Included in the plan is the proposed creation of a capped tax incentive program called “New Jersey Forward Tax Credit.” The program would focus on expanding high-growth, high-wage sectors and be “more efficient” than the state’s existing “Grow New Jersey” subsidies, according to plan supporters.

Governor Murphy also proposed a targeted gap financing program called “New Jersey Aspire,” combined with a brownfields program to redevelop contaminated sites, as well as a State historic preservation tax credit program to help revitalize historic buildings across New Jersey.

In addition to the tax incentive proposals, the plan calls for the creation of a State-run venture capital fund, the “New Jersey Innovation Evergreen Fund.” The State would raise $250 million over five years by competitively auctioning State tax credits to existing corporations. Then it would partner with other investors to inject money into life sciences, financial technology, digital media and cybersecurity startups. Governor Murphy says the fund’s efforts could create as many as 300,000 new jobs in New Jersey by 2025 and accelerate economic growth in the State.