Economic Development
on South Main Street
South Main Street is known as the business corridor of Phillipsburg. Family owned businesses scaling back generations have called South Main Street their home. There is also an uptick in new businesses opening store fronts establishing themselves on South Main Street. South Main Street is also positioned as an employer hotspot New jobs is the key driver to sustainable prosperity within South Main Street and beyond
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NRTC provides business entities a tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities must use at least 60% of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other activities that promote neighborhood revitalization.
NPP provides direct financial and technical assistance to municipalities based on strategic revitalization plans within those municipalities. Norwescap works with the town of Phillipsburg to enhance public spaces and promote Community Development
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The UEZ Program exists to foster an economic climate that revitalizes designated urban communities and stimulates their growth by encouraging businesses to develop and create private-sector jobs through public and private investment.
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NRTC provides business entities an 80 percent tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities must use at least 60% of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other activities that promote neighborhood revitalization.
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An Opportunity Zone (OZ) is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act.