On April 9, 2019, the New Jersey Economic Development Authority (NJEDA) authorized the creation of a revised Brownfields Loan Program (the "Program") to provide low-interest financing to borrowers in an effort to facilitate remediation of vacant or underdeveloped brownfields sites and return such sites to full and productive use, particularly in the under-served communities within the State. The Program is an expansion of the NJEDA's existing Brownfields Loan Program.
Local businesses within a commercial corridor looking to revitalize the economic, physical, and social value of its business should encourage their respective municipality to form Improvement Districts (“ID”).
On March 12, 2019, Governor Phil Murphy and legislative leaders announced an agreement on the legalization of adult-use marijuana in New Jersey. This agreement sets up the possibility of a vote on adult-use marijuana legislation before March 25, 2019.
Last month the New Jersey Economic Development Authority (NJEDA) announced that it would begin taking applications for tax credits through New Jersey's Offshore Wind Tax Credit Program (the "Program") from businesses that make a capital investment of at least $50 million dollars in certain qualified offshore wind facilities within Burlington, Camden, Gloucester, Salem, Cumberland, Mercer or Cape May counties.
Yesterday, Governor Murphy signed A3975 into law, significantly expanding the New Jersey Family Leave Act (FLA) and Family Leave Insurance (FLI) programs to provide greater benefits to workers including additional time off, higher compensation, and increasing the class of individuals who qualify for leave.
The primary benefit of using a corporate entity to conduct business is the limited liability protection afforded to its owners. Corporations, limited liability companies, and other such entities are recognized as legally distinct and separate from their owner(s). As a result, the owner’s personal assets are shielded from any liability for the entity’s debts. This principle applies equally whether in the context of a parent company using a subsidiary entity for a particular venture or in the case of an individual using an entity to operate a new business.
On February 19, 2019, the New Jersey Economic Development Authority ("NJEDA") announced the expansion of the existing Business Lease Incentive Program (commonly known as the "BLI Program").
On February 4, 2019, Governor Phil Murphy signed legislation to increase New Jersey’s hourly minimum wage rate from $8 to $15 (“A-15”). A discussion of key provisions of A-15 can be found here.
In addition to increasing the minimum wage, A-15 allows employers (“Employer”) who employ persons with impairments to receive up to $10 million in tax credits (“Tax Credits”) to offset the cost to an Employer of any increases in wages and payroll taxes for an impaired employee as a result of A-15.
In accordance with an agreement reached between the Governor and legislative leaders earlier this month, the New Jersey Legislature approved legislation, A-15 (the “Bill”), on January 31, 2019 to increase the state hourly minimum wage requirement from $8.85 to $15 over a five (5) year period. The Governor is expected to sign the Bill into law on Monday, February 4, 2019.
In accordance with the Supreme Court’s ruling, the Pennsylvania Department of Revenue (“DOR”) recently issued a new rule stating that a substantial economic nexus satisfies the Pennsylvania Tax Reform Code’s definition of “maintaining a place of business in Pennsylvania,” thereby requiring out-of-state sellers to collect and remit Pennsylvania’s sales tax (the “Nexus Rules”).