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 2012 DEP land use data.

Provides a 15 percent tax credit against corporation business tax or gross income tax for employee compensation expenses when businesses meet program employment criteria, including having at least 25 percent of full-time employees residing in the small municipality.

Establishes the Downtown Economic Growth Assistance Fund as a non-lapsing revolving fund to finance loans, loan guarantees, and technical assistance to participating area businesses.

Requires annual reporting to the Governor and Legislature on program participation, assistance amounts, jobs created, and capital investment by area businesses.