NJ S3303

Extends the deadline from December 31, 2023 to December 31, 2024 for businesses to request termination of incentive agreements or reduce full-time job requirements due to COVID-19 impacts under various economic development programs

Allows businesses outside enhanced areas or government-restricted municipalities to waive the 60% on-site employee time requirement starting April 1, 2024, if employees spend at least 40% of time at the qualified facility, extend their commitment period by two years, and pay 10% of their maximum annual tax credit to support small business activities

Permits businesses to suspend their program obligations for the 2024 tax period (in addition to 2020-2023) due to COVID-19, with corresponding extensions to eligibility periods

Authorizes tax credit holders and transferees to use credits in the tax period issued, the period in which issued, or within three successive tax periods without amending prior tax returns

Requires the New Jersey Economic Development Authority to deploy funds received from businesses within 12 months and submit annual reports to the Legislature detailing fund distribution