Business Employment Incentive Program (BEIP) (New Jersey)
Last modified on February 12, 2015.
|Applies to States or Provinces||New Jersey|
|Name||Business Employment Incentive Program (BEIP) (New Jersey)|
|Policy Category||Financial Incentive|
|Policy Type||Grant Program|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Tidal Energy, Wave Energy, Wind energy|
|Program Administrator||N.J. Economic Development Authority|
Economically viable expanding or relocating businesses that create jobs in New Jersey are eligible to secure annual incentive grants via the Business Employment Incentive Program (BEIP) of up to 80% of the total amount of employees' state income taxes withheld by the company during the calendar year from the new employees hired, awarded for up to 10 years, to a maximum of $50,000 per employee over the course of the grant. Approved businesses receive annual cash grants based on the number of new jobs they have created in the State of New Jersey.
|Department||New Jersey Economic Development Authority|
|Address||PO Box 990|
|Address 2||36 West State Street|
|Place||Trenton, New Jersey|