Small Incentives ‘The Icing on the Cake’ in Attracting Businesses

As seen in this NJBIZ article, “The Business Employment Incentive Program has produced nearly 85,000 new jobs in New Jersey since its enactment in 1996, state data show, in what advocates say has been a key tool for job growth long before the recent expansion of corporate incentives.

But unlike other incentives, the EDA has no funding limit for the overall BEIP program, said Ted Zangari, a Sills Cummis & Gross real estate attorney who co-chaired a commission to upgrade the program in 2000.  The spending cap was removed at that time in recognition of the fact that ‘this is found money,’ he said, noting that BEIP jobs are new, and that the state immediately realizes at least 20 percent of the new payroll taxes.”