New Jersey Launches New $10M NJ RISE Incentive Program

Written By Hickey Team
New Jersey Launches New $10M NJ RISE Incentive Program

NJ RISE offers grants up to $500,000 to businesses relocating resident employees back to New Jersey

The New Jersey Economic Development Authority (NJEDA) has introduced the NJ RISE Program (New Jersey Re-assigning In State Employees), 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.

SNAPSHOT

  • NJ RISE provides awards up to $500,000 in grants to eligible companies.

  • The program is open to applicants and closes on or before July 1, 2028.

  • The program is offering $10 million in grants to businesses.

PROGRAM BENEFITS

  • Businesses may receive up to $500,000 per Employer Identification Number (EIN).

  • The grant amount is equal to the New Jersey Gross Income Tax Withholdings of Re-assigned Employees subject to the Grant Award Cap.

  • The minimum number of Re-assigned Employees will be the number of Re-assigned Employees whose Withholdings add up to at least one half of the Grant Award Cap.

ELIGIBILITY REQUIREMENTS

Businesses that meet the following criteria are eligible:

  • Business must have 25 or more U.S. Full-Time Employees.

  • Business principally located in another state that uses Convenience of the Employer Income Taxation Rule such as: Delaware, Nebraska, and New York.

  • The business must submit an application to the NJEDA on or before July 1, 2028.

  • The business must be in good standing with the NJ Department of Labor and Workforce Development (LWD) and NJ Department of Environmental Protection (DEP).

  • Valid NJ Tax Clearance Certificate.

CONNECT WITH HICKEY’S NEW JERSEY INCENTIVES TEAM

  • The Hickey & Associates incentives team has advised companies navigating the complex incentives process across New Jersey. Contact us for more specifics, including eligibility criteria, application details, and funding requirements.

  • If you’d like our support throughout the application process, we are here to help.

Hickey Team

Hickey & Associates makes learning about commercial site selection easy. We share information in writing and through videos and images, covering topics like grants and incentives advisory, location strategy, and supply chain logistics. Our team helps you find the best places for your business, get financial benefits, and make your supply chain work better. We are here to make complicated things simple and beneficial for your business's growth.

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