The economic health of Atlantic City has been a subject of my concern and interest for many years. Over those years I have spoken to many of you about the opportunities and activities that can impact the economic health of the city. Impacting that economic health starts with the sharing of knowledge and information. As such, I have decided to provide a weekly shout-out of any economic opportunities or activities occurring in the city or at the county and/or state level that could be a resource to you or to other businesses. My hope is that this dissemination of information will stimulate interest in our city and/or assist you with some of your business decisions.
Good things and good opportunities are happening in AC that I want to share with you.
I would like to kick this off by providing you with a summary of tax incentive programs available in Atlantic City.
Click here to find an overview of four incentive opportunities that are currently available in New Jersey that was prepared by Nick Talvacchia of our firm’s Land Use Department.
Grow New Jersey – This incentive program is based upon the creation and retention of Jobs and provides a tax credit on a per job basis over a 10 year period. The incentive can range from $5,000 to $15,000 depending on a variety of factors like the type of job, number of jobs created or location. There are five urban markets in New Jersey that get a super-charged incentive under this program. Atlantic City is one of those cities.
Economic Redevelopment and Growth (ERG) Grant – This is a State incentive program providing grants equal to certain incremental taxes generated from a commercial project – i.e. sales tax. This has been widely used on hotel, casino and restaurant projects in Atlantic City.
Real Estate Tax Abatements – Atlantic City, like many NJ Municipalities may grant tax exemptions/abatements to promote development.
Redevelopment Area Bonds (RAB)– Municipalities may issue RABs that are securitized by “payments in lieu of Taxes” (Pilot) with a developer to assist in the construction/development of a project.
Disclaimer -The above programs are discussed in the summary found here. Each one of these incentives provides new opportunities to help finance projects. The caveat is that they are complex and involved. As such, please seek assistance from the appropriate professionals.
Thank you for your interest in Atlantic City.