ambiguity serves you here... 70% off exactly what taxes? Entire business? No-- per employee (with other requirements addressed here):
"... least 25 new jobs within a 2-year period; emerging high technology and biotech companies’ eligibility threshold is 10 new jobs. A business must also demonstrate that the BEIP grant is a "material" factor in moving the job expansion or relocation forward in New Jersey, and that it is economically viable.
The standard BEIP incentive is limited at 50% of the employees' state income taxes withheld on the newly created jobs; however, companies that meet certain Smart Growth objectives can have their grant boosted to 80%. Qualifying businesses may be eligible for up to 10 years worth of grants, though they must maintain the project and the jobs in New Jersey for at least 1.5 times the number of years the grant is in effect. Greater consideration is given to positions that average 1.5 times the minimum wage during the grant agreement. ..."
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