Administered by the EDA, this program is often used in conjunction with the BRRAG Tax Credit Program. An approved company can receive a sales tax exemption certificate, which applies only to property purchased for installation at the approved project site. A business receiving the BRRAG STX must:
- have 1,000 or more jobs in New Jersey and relocate 500 or more employees within the state;
- life science, pharmaceutical, and manufacturing companies are eligible for BRRAG STX if they relocate 250 employees or more to a new R&D facility, a new headquarters, or a new manufacturing facility;
- offer its employees’ health care benefits;
- have been in business in New Jersey for at least 10 years;
- demonstrate that the grant is a “material factor” in moving the relocation project forward in New Jersey;
- secure approval for the BRRAG STX from EDA’s Board of Directors prior to signing a lease, entering into a purchase contract, or otherwise committing to the site in New Jersey that will host the relocation project.
- enter into any construction contracts associated with the project using “prevailing wage” labor rates; and
- retain the relocation project jobs for a five-year period.