NJ RISE Program
NJ Economic Development Authority
About the Grant
New Jersey Re-assigning In State Employees (NJ RISE) is a new program to incentivize businesses to re-assign New Jersey residents who are working in another state to a New Jersey location. The $10 million NJ RISE Program will provide grants to companies to relocate its New Jersey-resident employees, ensuring a residents’ income taxes stay in New Jersey, which will help increase tax revenue.
NJ RISE’s goal is to increase New Jersey’s Gross Income Tax Withholdings by encouraging eligible businesses to re-assign their out of state New Jersey resident employees to New Jersey by issuing an incentive based upon on the employee’s withholdings. The NJ RISE Program is a pilot program that will provide grants to businesses principally located out of state that re-assign New Jersey residents currently assigned to work in a state that employs the “convenience of employer” income taxation rule to work in a New Jersey location. The grant is equal to the amount of New Jersey Gross Income Tax withholdings of the re-assigned resident employees during one tax year of the business, not to exceed $500,000 in the aggregate per business. The sum of all grants approved will not exceed $10 million per State fiscal year.
States such as Delaware, Nebraska, and New York use “convenience of employer” where an employee who resides out of state is taxed based on the employer’s assigned location. For example, if a New Jersey-resident works in a state with “convenience of employer” (State A) three days a week and from home the other two days, the employee will be taxed by State A for all five days, because the work done from home in New Jersey was at the convenience of the employer.
Notes
Related Grants
Maryland Technology Internship Program
State of Maryland
The Maryland Technology Internship Program (MTIP) helps Maryland retain top tech talent by increasing the number of paid technical internships offered in the state. Administered by UMBC and funded by the State of Maryland, the program offers financial assistance to small businesses, start-ups, non-profits and state and local agencies, to hire more interns. The Maryland Technology Internship Program can reimburse employers for up to 50% of an intern’s wage, up to $5,500 annually per intern ($3,000 for the first semester and $2,500 for subsequent semester).
Worcester Small Business Grant Program
City of Worcester
This program assists in the creation of new small businesses or the physical expansion of existing small businesses in targeted commercial corridors by providing forgivable loans to qualified applicants. Eligible Applicants include new small business owners occupying vacant space, or expanding small business owners. The business must be located in a first-floor storefront unit with emphasis to the Creative Economy.
Tampa CRA Grant
City of Tampa
Businesses in Tampa, Florida can apply for the CRA Commercial grant to improve their properties, including performing internal or external expansions and renovations. To qualify for one of these grants, your business must be located in a designated CRA area. To apply for one of these Florida business grants, you must schedule a pre-application meeting with CRA staff. You can request an appointment by calling the Tampa CRA or submitting an online request.
Copperas Cove Business Improvement Grant
City of Copperas Cove
The Copperas Cove Economic Development Corporation (CCEDC) is proud to offer the Business Improvement Grant Program to help strengthen and revitalize our local business community. This matching reimbursement grant provides up to 50% of eligible improvement costs (maximum $5,000) to support upgrades that improve the appearance, safety, and functionality of local brick-and-mortar businesses.