With a highly educated workforce, the Garden State has long been a leader in biosciences and tech. New Jersey is home to more than a dozen of the world’s largest medical technology and pharmaceutical companies, some of which have played a prominent role in addressing Covid-19. In addition to expanding jobs in manufacturing and fintech, the Garden State is also climbing the ranks in sports wagering. Since legalizing sports betting three years ago, New Jersey has become one of the largest markets in the industry, often surpassing Nevada in monthly handle with nearly $1 billion per month wagered in the end of 2020.
Business Retention and Relocation Assistance Act: Offers a tax credit equal to $2,500 for each new full-time position at the business’s location in the first year and $1,250 for year two.
Grow New Jersey Assistance Tax Credit: Available to businesses creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified busi- ness facility in a qualified incentive area.
Manufacturing Equipment and Employment Investment Tax Credit: Offers a tax credit of 4% of the investment credit basis to a maximum of $1 million for taxpayers with 50 or fewer employees and a net income of less than $5 million.
Business Employment Incentive Grant: Offers grant funding for businesses that create at least 25 eligible positions in base years.
In September 2021, the Commission on Science, Innovation and Technology announced that six startups had been approved, with more to come, to participate in its Clean Tech Research and Development (R&D) Voucher Program. The program, which accepts applications on a rolling basis, helps early-stage New Jersey clean technology companies more easily access resources, such as specialized equipment at one of the state’s many world-class universities or federal laboratory facilities.
10 Fortune 500 companies are headquartered in the state: