The long, strange road to reforming New Jersey's economic incentives offerings finally ends this afternoon.
Two sources with knowledge of the matter told NJBIZ that Gov. Chris Christie will sign the Economic Opportunity Act in Trenton this afternoon.
When signed, the law will consolidate five corporate incentive programs into two —Grow New Jersey and Economic Redevelopment and Growth — expand eligibility for tax credits and place a greater focus on job creation. More importantly, it returns a weapon to New Jersey's arsenal that had left potential additions to the corporate landscape on the sidelines, wondering if the Garden State would be able to compete with its neighbors.
Business groups have long been clamoring for the bill's passage.
The saga this bill has had from proposal to law has kept bystanders guessing at each development. Its sponsor in the Assembly resigned amid a criminal investigation unrelated to the bill, its most vocal supporter in the Senate was hoping it would get a conditional veto after passing it and legislative infighting and budget battling led to months of delays for the measure.
After it passed in a tense Senate session in August, Christie conditionally vetoed it, though his changes were quickly accepted by both legislative houses.