Van Drew Bill to Boost Development at Two County Airports Advances

TRENTON – Legislation sponsored by Sen. Jeff Van Drew (D-1st) to boost the economic development potential of certain Cape May County airports cleared the Senate March 26, according to a release.
“We have an incredible opportunity to attract aviation and high-tech businesses to this region, which will create good-paying jobs for residents.
“We already have important assets in place, including drone testing sites at a few county airports, and research and development taking place in the region,” stated Van Drew. “Making the airports eligible for “Grow New Jersey” benefits will allow us to leverage the state’s successful tax incentive program to draw additional businesses to the area in order to strengthen the economy.”
The bill, S-250, extends the state’s “Grow New Jersey Assistance Program” to businesses located at certain Cape May County airports. The bill would allow eligible businesses located at the airports to receive a base tax credit of $5,000 a year for each job created or retained by the business.
The Cape May County Airport in Erma owns an industrial park that has attracted new tenants, including a commercial and video production company and a technical start-up incubator for drone technology companies. A brewery is also located in the industrial complex.
The bill also includes the Woodbine Municipal Airport.  Just like the County Airport, the Woodbine Municipal Airport industrial park has also attracted startup drone technology companies that regularly use the airport to test fly their unmanned aerial system aircraft.
By allowing businesses at the airports to apply for “Grow New Jersey” tax credits, the bill would generate economic growth in the county and help foster regional synergies on drone technologies with Federal Aviation Administration’s William J. Hughes Technical Center in Egg Harbor Township.
The bill was released from the Senate by a 38-0 vote and next heads to the Assembly for consideration.