Unexpected relief may be coming for companies that are owed
millions in unpaid incentive grants from New Jersey.
The Business Employment Incentive Program (known as BEIP)
provided companies with grants of up to 80% of the income tax
withholdings created from new job creation in the state. That
program is no longer active; however, many companies are still owed
grants because the Legislature chose not to fund the program
entirely last year. To account for this problem, Governor Christie
has proposed that these grants be converted to refundable tax
credits.
There also may be additional incentive opportunities under the
Grow New Jersey program if your company plans on making capital
investments in the state.
