IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 10 Sep 2015 | Removal date: open ended
Still in force

Tax or social insurance relief

In an agreement reached on September 10, 2015 (modified December 13, 2016) the state of New Jersey granted $148,589,900 in tax credits over a ten-year period to EMR Eastern LLC and affiliates. The company is in the business of metal recycling, namely the purchase, processing, and sale of ferrous and nonferrous scrap material.

These credits were provided under the Grow New Jersey Assistance (Grow NJ) Program. Approved by the New Jersey state legislature created in 2013 (P.L. 2013, c. 161), and modified in 2014 (P.L. 2014, c. 63), the program’s benefits are available to businesses creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified business facility in a qualified incentive area. Applicants must employ a certain number of personnel in retained and/or new full-time jobs at a qualified business facility and make, acquire, or lease a capital investment equal to or greater than defined thresholds in order to be eligible for tax credits. Applications are also subject to a net benefit analysis to verify that the anticipated revenue resulting from the proposed project will be greater than the incentive amount.

AFFECTED COUNTRIES

MAP
TABLE
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AFFECTED SECTORS AND PRODUCTS

393 Metal wastes or scraps
7204 Ferrous waste and scrap; remelting scrap ingots of iron or steel.
720410 Waste and scrap of cast iron
720421 Of stainless steel
720429 Other
720430 Waste and scrap of tinned iron or steel
720441 Turnings, shavings, chips, milling waste, sawdust, filings, trimmings and stampings, whether or not in bundles
720449 Other

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