Bill > S1562

This bill amends existing law to increase the total amount of tax credits authorized under the Urban Transit Hub Tax Credit program and extends the deadline for businesses to apply for these credits. Specifically, the bill raises the overall cap on credits from $1.5 billion to $1.75 billion, with provisions allowing for further increases under certain conditions. It also extends the application deadline for businesses to receive these credits, moving it from July 1, 2014, to a later date, and adjusts the deadline for submitting documentation to July 28, 2017. The Urban Transit Hub Tax Credit program, established by P.L.2007, c.346, provides tax credits to businesses that make significant capital investments in qualified business facilities located within designated urban transit hubs, encouraging economic development and job creation in these areas.