NJ S1779

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 percent developed according to DEP land use data

Provides 15% tax credits against corporation business tax and gross income tax for qualifying employee compensation expenses, with unused credits carried forward for up to seven years

Requires participating businesses to have at least 25% of full-time employees be residents of the small municipality where the downtown area is located

Establishes the Downtown Economic Growth Assistance Fund as a non-lapsing revolving fund and mandates annual reporting to the Governor and Legislature on program participation, jobs created, and capital investment