Business Facilities - October 2008 - (Page 38)

BUSINESS REPORT New Jersey urban transit hubs, which are defined as heavy rail stations in nine urban municipalities: Camden, East Orange, Elizabeth, Hoboken, Jersey City, Newark, New Brunswick, Paterson, and Trenton. “This initiative establishes a new tax credit program to spur new capital investment and increased employment in targeted urban rail transit hubs and to catalyze economic development in those areas,” says Gov. Corzine. “The initiative supports the revitalization of New Jersey’s urban centers by leveraging valuable transit assets that provide a strong foundation for economic growth, while encouraging increased transit ridership.” The Urban Transit Hub Tax Credit Program provides tax credits equal to 80% to 100% of the qualified capital investments made within an eight-year period. Taxpayers may apply 10% of the total credit amount per year over a 10year period against their corporate business tax, insurance premiums tax, or gross income tax liability. The program’s requirements include: • A business or developer must make a capital investment of at least $75 million in a qualified facility. • The capital investment project must be located within a half-mile radius of a designated commuter rail hub in an eligible city. • The business receiving the Urban Transit Hub Tax Credit must employ at least 250 full-time workers at the facility. • A business creating and maintaining at least 200 new state jobs at a qualified facility may be eligible to receive a tax credit of up to 100% of the capital investment. • Tenants that employ at least 250 full-time workers in a qualified facility may also receive Transit Hub Tax Credits if they occupy space in the facility that represents at least $25 million of the overall capital investment of $75 million or more. CELEBRATING ANOTHER LIFE SCIENCE SUCCESS STORY Amicus Therapeutics, Inc., a Cranbury-based biopharmaceutical firm, recently celebrated a significant milestone in the company’s surging growth. The company, which has benefited from several EDA and state programs, began as a Governor Jon Corzine, Caren Franzini, CEO of NJEDA, and John Crowley, CEO of Amicus Therapeutics, attend Amicus’ 100th Employee Celebration. seven-person startup venture in 2002 and hired its 100th employee in July. “Growing technology and life sciences companies in New Jersey is crucial to our economy,” said Gov. Corzine at the ceremony. “Amicus Therapeutics exemplifies the kind of company we are encouraging through programs like the Edison Innovation Fund. “The remarkable growth Amicus has experienced is a success story that will help to ensure New Jersey’s impressive history of innovation and discovery for years to come. I congratulate the company for this tremendous achievement.” Amicus Therapeutics focuses on developing novel, oral therapeutics known as “pharmacological chaperones” for the treatment of a range of human genetic diseases. “The passion, commitment and competence of each and every employee at Amicus is the foundation of our success, and this is a great milestone for Amicus in building momentum in the fight against human genetic diseases,” said Amicus CEO John Crowley during the event. “The great success that Amicus has become in New Jersey was made possible, also, by the state’s programs and assistance in our early days as a startup company.” In 2005, the company became the first graduate of NJEDA’s Commercialization Center for Innovative Technologies, which is part of the larger Technology Center of New Jersey in North Brunswick. Amicus also utilized the state’s Technology Business Tax Certificate Transfer Program and received funding from the Garden State Life Sciences Venture Fund. 38 OCTOBER 2008 PHOTO CREDIT: NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY NJEDA

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Business Facilities - October 2008 Contents First Word Snapshots Metro Spotlight: Phoenix, AZ Essential Relocation Tips Metro Spotlight: Fayette County, GA Corporate Moves: Kentucky Austria: Hungry for International Trade Foreign Trade Zones: Global Expansion at Reduced Cost New York is Banking on High-Tech Growth Metro Spotlight: Cuba, MO The Garden State is Growing it's City Centers Information Technology: No Signs of a Slowdown Advertiser Index Inside LiveExchange

Business Facilities - October 2008

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