Bill > S2046

Introduced Session

This bill directs the New Jersey Economic Development Authority (authority) to establish a program to certify taxpayers that make retail investments to redevelop partially or completely vacant shopping centers in New Jersey as eligible to receive a corporation business tax credit of up to $15,000, but not exceeding the amount of 50 percent of corporation business tax owed by the taxpayer. The bill defines a retail investment as expenses of at least $5,000 incurred to make improvements to existing distressed shopping centers provided that such improvements are necessary, as determined according to standards established by the authority, to attract retail tenants to lease vacant properties and that the lease of such vacant properties are a benefit to the community. The bill defines distressed shopping centers as shopping centers of at least 35,000 square feet of retail rental space, with at least three retail establishments that have been at their location for at least 10 years and shall have had, for the year prior to the year for which the shopping center's developer is first deemed eligible by the authority to receive a credit, an average rate of vacancy during that year of at least 35 percent of the total retail square footage available for lease during that year.

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Nilsa Cruz-Perez (D)*,  Troy Singleton (D)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 03/03/2022)

Official Document