New Jersey is located in the northeastern United States and has excellent geographical location and infrastructure, providing a good environment for manufacturers to engage in R&D production and international trade. Real estate investment in New Jersey has great potential. The state provides a variety of preferential tax policies to encourage real estate investment. This article will focus on the investment environment, tax incentives, infrastructure construction and other information related to real estate investment in New Jersey.
New Jersey’s economy is developing rapidly with income and employment growing steadily
According to statistics, New Jersey’s GDP reached $294 billion in 1997, ranking sixth in the United States, and per capita income reached $36,106, ranking third in the United States. In 2000, New Jersey had 4.245 million employed people, mainly distributed in the service industry, trade, government administration, manufacturing, transportation and other industries.
Preferential tax policies to encourage companies to settle and invest in New Jersey
New Jersey’s corporate income tax rate is only 9% of net profit, which is the lowest among the northeastern states. For small businesses, the tax rate is only 7.5%. In addition, expenses related to increased employment, purchase of new machinery and equipment, or R&D can be deducted from corporate taxes to a certain extent. The New Jersey Economic Development Bureau also provides various bond financing, loans and guarantees for companies.
Perfect infrastructure provides convenience for housing purchase and daily life
New Jersey has four foreign trade zones and multiple industrial zones. Land prices are relatively low. It also has excellent transportation infrastructure. The Port Newark Elizabeth is the largest port on the east coast of the US. There are also 11 regional airports in the state. The highway network exceeds 35,000 miles, and transportation by highways and railways is very convenient.
The state encourages investment in bio-pharmaceuticals, electronics, telecommunications and other industries
Leveraging its superior geographical location and huge consumer market, New Jersey invests $7 billion in R&D every year, and many of its industries rank first in the United States. The state’s important industries include bio-pharmaceutical, electronics, telecommunications, and chemical-related industries.
In summary, New Jersey provides a good environment and preferential policies for real estate investment. With steady economic growth and perfect infrastructure, the state has great potential in industries such as bio-pharmaceuticals, electronics, environmental protection, and aerospace.