New Jersey Gov. Jon Corzine last week signed into law an initiative to help boost job growth and increase infrastructure investment throughout the state.

The new $120 million Invest N.J. program will pay $3,000 to qualified businesses for each new job created and retained for one year. In addition, companies that invest at least $5,000 in capital improvements will receive a grant from the state equal to 7% of a company’s capital spending. The New Jersey Economic Development Authority will administer the new program.

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