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In an effort to stimulate economic growth and support small businesses struggling amid the ongoing pandemic, New Jersey Governor Sarah Smith announced a series of new tax breaks for small businesses in the state. The announcement came during a press conference held on September 8, 2025.Under the new legislation, small businesses with annual revenues of less than $1 million will be eligible for a tax credit of up to 5% of their total annual revenue. This tax credit is aimed at helping small businesses cover operating expenses and keep their doors open during these challenging times.In addition to the tax credit, Governor Smith unveiled a new small business grant program that will provide financial assistance to businesses that have been adversely affected by the pandemic. The grants will range from $5,000 to $25,000 and can be used for rent, payroll, and other essential expenses.Governor Smith emphasized the importance of supporting small businesses as the backbone of the state's economy, stating, "Small businesses are the lifeblood of our communities and we must do everything we can to help them thrive and succeed. These new tax breaks and grant programs are just the beginning of our efforts to support small businesses and ensure their survival in these challenging times."The new tax breaks and grant program are expected to go into effect immediately and will be available to eligible small businesses starting in the next tax year. Businesses interested in applying for the tax credit or grant program are encouraged to visit the New Jersey Department of Revenue website for more information and application details.The announcement has been met with praise from small business owners and industry groups, who have long been advocating for additional support from the state government. Many are hopeful that these new measures will help struggling businesses stay afloat and ultimately contribute to the overall economic recovery of the state.Overall, the introduction of these new tax breaks and grant program signals a promising step forward in supporting small businesses in New Jersey and boosting the state's economy. With continued efforts and support from the government, small businesses in the state can hopefully weather the storm and emerge stronger on the other side.