Thursday, September 27, 2018

Growth Zone Incentives Fuel Aviation Industry and Economic Diversification

Atlantic County’s efforts to build an aviation industry to help diversify the regional economy and bring benefits to the entire state, received a huge boost with the September 27 approval by the state Legislature of the Garden State Growth Zone bill that was slightly modified following Governor Murphy’s conditional veto last month.

The bill establishes a Garden State Growth Zone with enhanced incentives to qualified businesses that locate within a one-mile radius of the Atlantic City International Airport.

“Our vision of making Atlantic County an aviation and technology hub for New Jersey is becoming a reality,” stated County Executive Dennis Levinson. “The Garden State Growth Zone incentives provide yet another reason for companies to locate in our aviation district where we have the world’s premier air transportation testing facility at the FAA Technical Center, the Atlantic City International Airport, and the new National Aviation Research and Technology Park. The area is also located within a federal Opportunity Zone that provides additional investment benefits.”

While the bill originally received unanimous approval in the Senate and overwhelming support in the Assembly, the governor asked for several changes with his August 28 conditional veto, which he has now received. There were no changes, however, to the actual incentives that encourage companies to invest and create jobs in return for as much as $35 million in annual tax credits.

“We are systematically moving away from an over-reliance on the gaming and hospitality industries to a new era of technology and innovation,” he added.

“We believe our existing and expanding assets provide unique opportunities and the Garden State Growth Zone incentives make them all the more attractive.”

 

 

County News