Business Employment Incentive Program (BEIP)

The Business Employment Incentive Program (BEIP) grants are available to businesses looking to expand or relocate while creating jobs in the Garden State. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the new employees hired.

Program requirements include:

• A business receiving the grant must create and maintain at least 25 jobs to qualify.
• Biotech or high tech businesses must create and maintain 10 jobs to qualify.
• A business must also demonstrate that the BEIP grant is a “material” factor in moving the job expansion or relocation forward in New Jersey, that it is financially viable.
• BEIP applicants may be eligible for a grant award of up to 50%, equivalent to the total amount of the State income taxes withheld by the business during the calendar year for the new employees hired.

Business Retention and Relocation Assistance Act Grant (BRRAG)

The Business Retention and Relocation Assistance Act Grant (BRRAG) program is designed to preserve jobs from being relocated out of state. The program offers a grant of up to $1,500 per job retained, payable in the form of a tax credit against a company’s corporate business tax liability.

Program requirements include:

• An eligible company must relocate a minimum of 50 full-time jobs from one or more locations in the state to a new or substantially rehabilitated business location in New Jersey.
• A qualifying company must demonstrate that receiving a BRRAG grant is a “material factor” in its decision not to relocate outside New Jersey.
• A qualifying company must maintain the retained full-time jobs for five years.

Sales and Use Tax Exemption Program

The Sales and Use Tax Exemption Program is often used in combination with the BRRAG program. This program offers companies relocating and retaining jobs in New Jersey a sales tax exemption on their purchases of eligible property.

Program requirements include:

• An eligible company must employ 1,000 or more people in New Jersey and relocate 500 or more workers or the company must be classified as a lifescience, biotechnology, or manufacturing business and relocate at least 250 workers.
• A qualifying company must demonstrate that receiving the Sales and Use Tax Exemption is a “material factor” in its decision not to relocate outside New Jersey.
• A qualifying company must maintain the retained full-time jobs for five years.

BRRAG Tax Credit Certificate Transfer Program

This program allows companies with unused BRRAG tax credits to sell those credits to unaffiliated businesses. The BRRAG Tax Credit Certificate Transfer Program also offers potential buying businesses an opportunity to reduce their corporate business tax liability by purchasing unused BRRAG tax credits from the selling business for at least 75 percent of their value.

• Selling Companies: Companies wishing to sell unused BRRAG tax credits should use the following link to access a BRRAG Tax Credit Certificate Transfer Program Application.
• Potential Buying Companies: Companies interested in learning more about buying available BRRAG tax credits to help reduce their corporate business tax liability are encouraged to complete the BRRAG Buying Business Registration Form.

To learn more about New Jersey’s financial and incentive programs or to learn about the qualification requirements call 866-534-7789. We’ll put together a customized proposal detail every advantage New Jersey can offer your company.