NJ S1435

Creates the Downtown Economic Growth Program administered by the New Jersey Economic Development Authority to provide loans, loan guarantees, tax credits, and technical assistance to businesses in designated downtown areas of small municipalities

Defines eligible "small municipalities" as those with populations under 11,000 that are either county seats, contain federal opportunity zones, or are over 70% developed

Requires participating businesses to have at least 25% of full-time employees who are residents of the small municipality

Provides a 15% tax credit against corporation business tax or gross income tax for eligible employee compensation expenses, with unused credits carried forward up to seven years (capped at 50% of tax liability)

Establishes the Downtown Economic Growth Assistance Fund as a non-lapsing revolving fund and requires annual reporting on program participation, jobs created, capital investment, and assistance provided