When New Jersey hands out incentives to lure or keep businesses in the state, two cities have prospered the most — Newark and Jersey City. About 72 percent of projects awarded Urban Transit Hub tax credits, for example, went to those two municipalities in the past three years.
Legislation that would change how the state hands out grants and loans took a circuitous and bumpy route through the Legislature, passing on the last day of the legislative session. As of Friday afternoon, it was waiting on Gov. Chris Christie’s desk for his signature or veto....
Heidi Lerner, chief economist at the commercial real estate services firm Studley, said, “It opens the packages to small businesses where they weren't as welcome before, but it doesn't harm bigger companies. It caters to large firms as well...”