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New law could attract a New Jersey business start up

One of the attractions of one location over another for businesses is any incentives the local government can offer to that business. A new law recently signed by New Jersey's Gov. Christie may make our state more attractive for a business start up. In a time when the state is still working to recover from natural disasters and the recession, these new tax incentives could help revitalize the economy.

There are several facets to the new law. There were formerly five tax incentive programs to attract businesses to New Jersey, but the new law reduces that number to two. Under the new system, businesses can obtain tax breaks with smaller investments. Then there is the fact that businesses started in southern New Jersey can receive tax credits with fewer employees than in any other area in the state.

Another big change this new law brings is that there is no limit to the number of incentives the state can provide to a business. The hope is that businesses will come to the state and create new jobs for people who are still struggling to recover. The new law, of course, has its critics, and only time will tell whether the new incentive program is successful.

People who are considering a new business start up here in the Garden State may find that this is a good time to do it. Carefully considering all of the options and new incentives to take advantage of is just part of the decision process when starting a business. There are numerous business and legal decisions that have to be taken care of before a business can open its doors. Making sure that those decisions are well informed and executed can mean the difference between success and failure.

Source: philly.com, New tax-incentives law makes N.J. more attractive to business, Maddie Hanna, Sept. 19, 2013

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