New Jersey Tax Incentives
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New Jersey Tax Incentives
Page Contents
- Bond Financing
- Business Enterprise Incentive Plan
- Customized Training Program
- Division of Vocational Rehabilitation Services Employer Services
- Manufacturing Equipment and Employment Investment Tax Credit
- New Jersey Workability Program
- New Jobs Investment Tax Credit
- On-The-Job Training Program
- Statewide Loan Pool for Business
- Supported Employment
- Urban Enterprise Zone Program
Bond Financing
Bond financing can be an attractive form of lower cost, long-term borrowing for qualifying businesses needing at least $1 million in capital. The New Jersey Economic Development Authority may issue a bond of up to $10 million to enable a manufacturer to finance real estate acquisitions, equipment, machinery, building construction and renovations.
With funding from the bond, New Jersey businesses can purchase assistive technology to make a disabled employee more productive or renovate a building to make it accessible to employees who use wheelchairs.
Business Employment Incentive Plan (BEIP)
With Business Employment Incentive Plan, incentive grants are offered to companies that create new jobs in New Jersey. Grants are targeted to businesses that are considered to be important to New Jersey ’s future.
The jobs that are created can be for people with disabilities who are looking for employment. The program guidelines offer that people with disabilities, as a group, tend to be underemployed and that grants provided by BEIP can help reverse that trend.
You can also find more information on the following fact sheet.
New Jersey Business Employment Incentive Plan Fact Sheet Download Form
Customized Training Program
The New Jersey Department of Labor's Customized Training Program promotes the creation and retention of high-skill, high-wage jobs through comprehensive workforce training. Financial assi stan ce in the form of matching grants may be available to qualified businesses to offset some of the costs of occupational training in the workplace.
People with disabilities often don’t have the skills needed to get and maintain high-skill, high-wage jobs. Through the Customized Training Program, a person with a disability can receive the training needed to raise his/her skill levels to attain and keep gainful employment.
Division of Vocational Rehabilitation Services (DVRS) Employer Services
The Division of Vocational Rehabilitation Services web site contains information on the many services available to businesses that employees DVRS clients. These services include: providing workstation adjustments for a disabled worker, installation of assistive technology and on-the-job training.
Since DVRS does job placement, it is an excellent resource for any employer who wants to hire someone with a disability. DVRS can also do workplace accommodations for an employee who acquires a disability and wants to continue to work.
Manufacturing Equipment and Employment Investment Tax Credit
The purpose of the Manufacturing Equipment and Employment Investment Tax Credit is to encourage investment in certain manufacturing equipment in New Jersey and to provide businesses with the incentive to increase employment by hiring New Jersey residents. Residents who are hired can be people with disabilities who are seeking employment.
The following form must be completed to receive the Manufacturing Equipment and Employment Investment Tax Credit:
New Jersey Manufacturing Equipment and Employment Investment Tax Credit form
New Jersey Workability Program
Many people with disabilities choose not to work because of fear of loosing their health insurance benefits. The Workability Program solves this problem. NJ Workability is a program that allows certain employed people with permanent disabilities, whose earnings are too high for them to qualify otherwise for Medicaid coverage, to receive full New Jersey Medicaid benefits. In some instances, people who qualify for the program may have to pay a monthly premium of $25 per month for one person or $50 per month for a couple. The web site also has further details on eligibility and income/resource guidelines
New Jobs Investment Tax Credit
This Corporation Business Tax Credit is available for investments made in new or expanded business facilities that creates at least 5 new jobs in New Jersey. This tax credit can also pass through to principals of Subchapter-S corporations.
To reverse the staggeringly high rate of unemployment among people with disabilities, the New Jobs Investment Tax Credit can be used to encourage the hiring of more people with disabilities.
The following form must be completed to receive the New Jobs Investment Tax Credit:
New Jersey New Jobs Tax Credit form
On-The-Job-Training (OJT) Program
An employer provides job-specific training as well as long-term employment and benefits to new employees who are Work First New Jersey clients. For incurring training costs and lost production time, the employer is reimbursed 50% of the new employee's wages.
The Work First New Jersey client benefiting from this program could be someone with a disability who needs on-the-job training to help him/her get and keep gainful employment.
Statewide Loan Pool for Business
Through an arrangement between the New Jersey Economic Development Authority and New Jersey banks, loans from $50,000 up to $3 million for fixed assets and up to $500,000 for working capital are available.
Proceeds from a loan could be used to renovate a business’ office area making it more accessible to employees and potential employees with disabilities. Funds could also purchase assistive technology that would increase the productivity of a permanently disabled worker. A good example of assistive technology is a voice recognition system for the computer. By recognizing the user’s voice, this device will type whatever is said into its microphone. The person utilizing this technology does not need to use a keyboard to operate a computer.
Supported Employment
For employers who are interested in knowing about supported employment and the services available to disabled employees, this web site contains information on these types of supports. Supports can be job coaching to help the employee familiarize him/herself with the work or vocational counseling to assist with other aspects of maintaining employment. Supports can last up to 90 days after the person is employed.
Urban Enterprise Zone Program
The New Jersey Urban Enterprise Zone Program was created to stimulate economic development and job creation in the State's designated zones. Participating businesses located in these zones are eligible to receive the following incentives: sales tax exemptions for building materials and equipment etc., corporate tax benefits and unemployment rebates.
Very often, people with disabilities live in urban areas that are depressed and in need of revitalization. Hiring disabled individuals from these zones would reverse the unemployment trend among this population and give their neighborhoods a must needed lift.
You must complete the following form to receive the Business Enterprise Zone Tax Credit:
New Jersey Urban Enterprise Zone Tax Credit Form
This web site has more information on the Urban Enterprise Zone Program including a list of tax and business tools available to participating businesses. It also has a list of the actual Urban Enterprise Zones.
This web site has further information on tax credits offered to businesses that hire employees from the Urban Enterprise Zones.
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