#47 New Jersey
From the Governor
“New Jersey is a smart place to invest because we are putting in place equitable economic, environmental and social policies that attract investors and stakeholders from across the globe to all 169 of our coveted Opportunity Zones.” —Gov. Phil Murphy
Growing in the Garden State
One recent study ranked the Garden State among the stop states in the nation when it comes to delivering opportunities for investors with a positive economic, environmental and social impact. New Jersey remains a leader in the biosciences industry with major facilities of more than a dozen of the world’s largest biopharmaceutical companies and 115,000 people employed by 400 biotech companies. As of the summer of 2019, the state’s heavily scrutinized tax incentives had lapsed as policymakers sought replacement programs.
Grow NJ: Offers state income tax credits of up to $5,000 per job annually, with bonus credits of up to $3,000 per job for businesses that create or retain jobs in the state.
Manufacturing Equipment and Employment Investment Tax Credit: Offers a tax credit for the acquisition of manufacturing equipment and/or for an increase in employees resulting from the acquisition of such equipment.
NJ CoVest Fund: Offers capital to early-stage technology and life sciences companies where a funding gap exists and limited funds are available.
Technology Business Tax Certificate Transfer Pro- gram (NOL): Enables New Jersey-based companies to sell their net operating tax losses and R&D credits to unrelated profitable corporations.
New Jersey Economic Development Authority: njeda.com
Newark Community Economic Development Corporation: newarkcedc.org
City of Trenton Division of Economic Development: trentonnj.org
Highlighted Program or Initiative
Gov. Phil Murphy signed into law in August 2019 legislation to establish the New Jersey Blockchain Initiative Task Force and create the Innovation District Designation Program. The task force will study blockchain technology, identify how it can be applied in New Jersey and how the state legislature can modify laws to support secure, paperless record-keeping. The Innovation District program aims to promote the development or redevelopment of public-private innovation districts in the state.
- Teva Pharmaceutical Industries Limited announced in the summer of 2018 it would move its U.S. headquarters to Parsippany-Troy Hills and create more than 800 jobs.
- ResinTech announced in April 2019 it will build a $138 million headquarters in Camden and create up to 400 jobs.
- Three Indian companies with operations in New Jersey announced in September 2019 an expansion of their presence in the state with 1,250 new jobs. They included Larsen & Toubro (400 jobs), Birlasoft (160 jobs) and Tata Consultancy Services (700 jobs).
20 Fortune 500 companies headquartered in state, including:
Johnson & Johnson
Cognizant Technology Solutions
Bed Bath & Beyond
“We’re entering into a new era of innovation and growth as a leading global generics and biopharmaceuticals company…. New Jersey offers Teva North America a value proposition of a unique biopharma cluster of universities and life sciences organizations in which Teva can build its future in North America and today’s event is an important recognition of this milestone.” —Brendan O’Grady, EVP and Head of North America Commercial, Teva