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ARTICLE · 29 APRIL 2016

New Jersey Issues Guidance on BEIP Grant Conversion

McDermott Will & Emery
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Businesses that wish to take advantage of the grant conversion must elect to convert the grant into a tax credit by July 11, 2016.

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Scott Susko
Scott Susko
Joanna Troy
Joanna Troy
Kathleen Quinn
Kathleen Quinn
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This month the New Jersey Economic Development Authority (the Authority) provided businesses with guidance, in the form of Frequently Asked Questions, on how to elect to have their unpaid Business Employment Incentive Program (the Program or BEIP) grants converted into tax credits pursuant to N.J. Rev. Stat. § 34:1B-129.

Under the Program, New Jersey awarded qualifying businesses cash grants for hiring new employees in the state for a term of up to 10 years.  Since the Program's inception in 1996, the Authority has executed 499 BEIP agreements valued at nearly $1.6 billion.  However, since 2013, the New Jersey legislature has not funded the Program, and thus many businesses have not received grant payments owed by the state.

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