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ARTICLE · 04 JULY 2016

N.J. Legislature Changes BEIP Credit Conversion Terms Before July 11 Deadline

Reed Smith
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The N.J. Legislature has passed legislation that provides yet another variable for companies to consider before deciding whether to convert unpaid Business Employment Incentive Program ("BEIP") grants into credits.

United StatesTax
David Gutowski
David Gutowski
Matthew Setzer
Matthew Setzer
Michael Lurie
Michael Lurie
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The N.J. Legislature has passed legislation that provides yet another variable for companies to consider before deciding whether to convert unpaid Business Employment Incentive Program ("BEIP") grants into credits.

Under its Business Employment Incentive Program ("BEIP"), New Jersey approved $1.6 billion of job-creation grants to nearly 500 businesses. But the program was phased out in 2013 and the New Jersey legislature stopped funding existing grants. As a result, more than $650 million of BEIP grants remain unpaid. Instead of simply paying what it promised, New Jersey adopted legislation earlier this year designed to force companies to accept tax credits in lieu of their unpaid BEIP grants. To participate, companies must make an irrevocable "election" by July 11 ( see our prior coverage).

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