Bill > S3295

Introduced Session

This bill, named the "New Jersey Economic Recovery Act of 2020" provides for administration of programs and policies related to jobs, property development, food deserts, community partnerships, small and early stage businesses, State procurement, wind energy, and film production. Sections 2-8 of the bill is the "Historic Property Reinvestment Act" providing tax credits for part of the cost of rehabilitating historic properties in this State. Sections 9-19 of the bill is the "Brownfields Redevelopment Incentive Program Act" providing tax credits to compensate developers of redevelopment projects located on brownfield sites for remediation costs. Section 20-34 of the bill is the "New Jersey Innovation Evergreen Act" auctioning tax credits for cash, which will be used to invest in innovation as a catalyst for economic growth and to advance the competitiveness of the State's businesses in the global economy. Sections 35-42 of the bill is the "Food Desert Relief Act" providing tax credits in order to incentivize businesses to establish and retain new supermarkets and grocery stores in food desert communities. Sections 43-53 is the "New Jersey Community-Anchored Development Act" providing tax credits to anchor institutions to incentivize the expansion of targeted industries in the State and the continued development of certain areas of the State. Sections 54-67 is the "New Jersey Aspire Program Act" providing tax credits to encourage redevelopment projects by covering certain project financing gap costs. Sections 68-81 is the "Emerge Program Act" providing tax credits to encourage economic development, job creation, and the retention of significant numbers of jobs in imminent danger of leaving the State. Sections 82-88 is the "Main Street Recovery Finance Program Act" providing grants, loans, and loan guarantees to small businesses. Sections 92-97 is the "New Jersey Ignite Act" a public-private partnership providing start-up rent grants to collaborative workspaces to support the early months of an early stage innovation economy business's rent at the collaborative workspace. Section 99-105 is the "Economic Development Authority Integrity and Protection Act" to create an Office of the Economic Development Inspector General, which will operate independent of the oversight or management of the of the EDA, and to require employment of Chief Compliance Officer to manage the Division of Portfolio Management and Compliance in the EDA. Sections 106-107 allow tax credits for new hires involved in the manufacture of personal protective. Sections 108-124 amend existing tax credit programs and requirements.

AI Summary

Committee Categories

Teresa Ruiz (D)*,  Paul Sarlo (D)*,  Dawn Addiego (D),  Linda Greenstein (D),  Fred Madden (D),  Nellie Pou (D),  Shirley Turner (D), 

Substituted by A4 (1R) (on 12/21/2020)

Official Document