Senator Parker Space (R-24) recently sponsored bipartisan legislation that aims to promote business development in less-populated municipalities. The bill, S-1435, was advanced by the Senate Economic Growth Committee and seeks to address the challenges faced by small towns in New Jersey when it comes to creating jobs and stimulating business growth.
Small towns often face barriers that prevent them from qualifying for certain assistance programs, making it difficult for them to grow their economies. To address this issue, the proposed bill defines a small municipality as having a population under 11,000 residents and meeting certain criteria such as being designated as a county seat, containing an opportunity zone, or being more than 70% developed according to the Department of Environmental Protection.
Under the Downtown Economic Growth Program, eligible businesses would have access to business and income tax credits and a Downtown Economic Growth Assistance Fund would be established to provide loans and technical assistance to businesses in less-populated municipalities. The Economic Development Authority (EDA) would be responsible for creating and managing this fund to support businesses in downtown areas facing an affordability crisis in New Jersey.
Senator Space emphasized the importance of supporting businesses in less-populated municipalities to ensure their continued vibrancy for years to come. He encouraged those interested in learning more about the bill to contact Chris Sivel, SRO Deputy Director of Communications at [email protected] for further information or to schedule a discussion with Senator Space.
