Establishes Main Street Economic Growth Program to encourage business development in certain small municipalities.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes the Main Street Economic Growth Program to encourage business development in small New Jersey municipalities. The program, administered by the New Jersey Economic Development Authority, will provide loans, loan guarantees, tax credits, and technical assistance to businesses located in designated ‘Main Street areas.’ Municipalities can designate these areas, which must meet specific criteria like population size and development level. The bill also includes tax credits for businesses participating in the program, aiming to stimulate economic growth in these smaller communities.
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